Fox Corp. posted a loss in the most recent quarter after it paid a $787.5 million settlement to Dominion Voting Systems.
The company had posted a profit in the same quarter a year ago.
The company took a $719 million charge because of the settlement, which was partly offset by equity earnings of it affiliates and a change in the market value of some of its investments. But the hit left Fox with a $50 million net loss, compared to $290 million in profit a year earlier.
Excluding those special items it had adjusted earnings of $494 million, or 94 cents a share, up from $459 million a year earlier. That was better than the 87 cents a share forecast by analysts surveyed by Refinitiv. The company was helped by the profits and revenue gain it received from airing this year's Super Bowl.
Since its settlement with Dominion, Fox has fired its most popular anchor, Tucker Carlson. Ratings on Fox News have fallen, while other right wing networks have gained audience since Carlson's firing.
And Fox still faces a lawsuit from another voting machine manufacturer, Smartmatic, which is seeking $2.7 billion in damages.
The Dominion settlement was reached on April 18. Dominion accused Fox of reporting false statements about Dominon's voting machines in the 2020 presidential election.
This is a developing story. It will be updated.
