Fox News Parent Reports $50M Net Loss Post-Dominion

The Hill reports:

Fox Corp., the parent company of Fox News, reported a net loss of $50 million in the first quarter of 2023, just weeks after it paid a historic settlement to Dominion Voting Systems. The company reported total quarterly revenues of $4.08 billion, representing an 18 percent increase from the $3.46 billion reported in the prior year for the first quarter. In last year’s first quarter, Fox Corp. reported a net profit of $290 million.

“We always acted as a news organization reporting on the newsworthy events of the day,” Fox Corp. CEO Lachlan Murdoch said on an investor call Tuesday, CNN reported. “There is no change to our programming strategy at Fox News,” Murdoch said. “As always, we are adjusting our programming and lineup and that is what we continue to do.”

Read the full article. Last month it was reported that a portion of the settlement would be covered by insurance and a tax write off.

Fox Corp. reports $50 million net loss following historic $787 million Dominion settlement https://t.co/OwUxVoiRP0 pic.twitter.com/xa0Pyc6aoK

— The Hill (@thehill) May 9, 2023