A Columbia University School of Business professor estimates that Fox, after a tax write-off, will incur about three-fourths of the settlement amount.
Fox had about $4 billion of cash on hand as of December 2022, and MoffettNathanson analyst Robert Fishman expects the company to pay the settlement during the current quarter.
Big companies often deduct large settlements to help offset some of the cost, but since settlement amounts are usually confidential, it’s difficult to pin down exactly how much they benefit. Payments that are seen as restitution or compensation can be deducted, while payments made to the government or at the direction of a government are usually not deductible.
“It’s not hard to stack up $100 million but as you go higher than that, it gets harder and harder,” Milton said.Usually, there’s a certain amount a media company has to pay, which could be in the millions, before insurance kicks in. However, the deductible incudes attorney fees, which in a high-profile case like Fox-Dominion could be tens of millions of dollars or higher, so the deductible could be swallowed up just by attorney fees.
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