Fox News' $787.5 million settlement turns Dominion into a private equity blockbuster
The settlement came just as opening arguments were set to begin, with high-profile witnesses like Rupert Murdoch waiting in the wings.
Fox News acknowledged in a statement that the court found that it aired false claims about Dominion, but it did not apologize. The settlement does not require Fox News or anchors like Maria Bartiromo to tell on-air viewers about the falsehoods.Denver-based Dominion will be required to pay taxes on its windfall, plus give a hearty portion to attorneys. But this is still a massive amount of cash for a company of its size.
Dominion currently generates around $45 million in annual EBITDA, up from $10 million in 2018, according to comments this morning from Staple Street co-founder Hootan Yaghoobzadeh
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