Newsmax to pay $67M to settle Dominion defamation lawsuit

Newsmax (NMAX) announced that the Company has reached a settlement agreement with Dominion Voting Systems, concluding a defamation lawsuit that Dominion filed in Delaware Superior Court in 2021. In a filing submitted Monday with the U.S. Securities and Exchange Commission, Newsmax disclosed that the parties have mutually agreed to resolve the litigation for a total payment of $67M. The settlement amount will be paid out in installments over three fiscal years which the Company expects to fund through revenues. Dominion Voting Systems originally filed its lawsuit against Newsmax in 2021, seeking $1.6B in damages. Dominion alleged that certain statements made in Newsmax’s coverage of the 2020 presidential election were defamatory. “Newsmax believed it was critically important for the American people to hear both sides of the election disputes that arose in 2020,” the Company said in its statement. “We stand by our coverage as fair, balanced, and conducted within professional standards of journalism…While strongly disagreeing with the Delaware proceedings, Newsmax emphasized that the settlement allows the Company to move forward with clarity and renewed focus. The Company expects to pay the settlement from revenues over three fiscal years and anticipates no disruption to its operations or its growth strategy…With these matters resolved, Newsmax is positioned to continue its mission: delivering accurate reporting, fostering vigorous debate, and ensuring Americans have access to diverse viewpoints.”