“The embarrassment angle is the easiest to dismiss: Remember all those headlines, generated by damning admissions and documents from the likes of Tucker Carlson and Rupert Murdoch, that showed how Fox’s on-air talent and their managers knew they were peddling untruths to their audience about the supposed 2020 election fraud? You probably read those because you consume Actual News. (And, let’s be clear: If you’d thought about this at all, you weren’t surprised to see the deep cynicism that powers Fox spelled out in writing.)
But on Fox, the lawsuit was barely covered at all, and Fox’s media correspondent even said he was prevented from reporting on it. That’s not surprising, given the channel’s consistent commitment to presenting alternative facts, a practice which long predated the Trump era.
You may recall that in an effort to stave off lawsuits like the one Dominion filed, Fox grudgingly offered some non-apology clarifications in late 2020, then went right back to making things up. A few months later, they were providing cover for the January 6 rioters.”
…
“Yes, the $787.5 million settlement is much less than the $1.6 billion the company initially asked for in damages. But it is a giant windfall for the small company and its private equity owners. It would be crazy not to take a deal like that, and let media critics worry about what happens to Fox.
And yes, $787.5 million is a lot of money, even for a big company like Fox: It represents about 20 percent of Fox’s $4 billion in cash, which means it could impact Fox’s ability to buy things or pay out dividends to its shareholders. On the other hand, Fox posted profits of $321 million in the last three months of 2022, which means it can build back up its cash pile pretty quickly.
That seems to be Wall Street’s take: 21st Century Fox stock opened down a few points the day after the settlement was announced, but as of this writing it has almost completely rebounded; the company remains worth about $17.5 billion.
In other words: Even after Fox agreed to pay nearly $788 million in a settlement (on top of the legal fees it has already spent), investors have decided the payout will have no impact on Fox’s operations.”
…
“The most plausible threat to Fox News is the same threat facing every TV network in 2023: that its viewership erodes as TV viewers migrate to the internet. But Fox’s viewers, like other cable TV news operations, skew old, and that means they’re the ones least likely to give up their cable boxes. They’re also incredibly loyal, which is why Fox can charge cable TV operators — who pass the fees on to you, if you’re paying for cable TV — more money than anyone else in TV, with the exception of sports.
So until that audience, along with the revenue and clout it generates for its owner, dwindles, don’t expect Fox to budge at all.”