By Costas Pitas and Jack Queen

(Reuters) -Cable outlet Newsmax Media has agreed to pay $40 million to settle allegations it defamed Smartmatic by reporting false claims that the voting machine company helped rig the 2020 U.S. election for Joe Biden over Donald Trump, according to a regulatory filing.

The companies settled privately last year, but the amount was disclosed in a Newsmax investor document dated March 7.

Representatives of Newsmax and Smartmatic did not immediately respond to emails seeking comment.

Smartmatic sued Newsmax in 2021, alleging it broadcast damaging misinformation falsely claiming the company switched votes in the 2020 presidential election, that its machines were hacked and that it was funded by corrupt dictators.

Smartmatic alleged that Newsmax profited from its false reporting. Trump amplified Newsmax's reporting on social media and the broadcaster's audience jumped 10-fold after the election, vaulting it over cable news rivals such as CNBC and Fox Business, according to Nielsen Ratings.

Newsmax said it had a First Amendment right to report claims by Trump and his supporters, which were often made in court filings challenging the election.

The company clarified its reporting about Smartmatic in December 2020 and invited Smartmatic representatives to come on air to explain their side of the story to Newsmax viewers. Smartmatic did not accept that invitation.

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