Fox News plans to write off its massive $787.5 million settlement with Dominion Voting Systems, in a move that figures to save the right-wing network around $213 million in taxes, The Daily Beast Reports.
Companies are allowed under federal law to write off expenses that are considered to be associated with the cost of doing business. The massive deal reached this week in the eleventh-hour before the trial could qualify, according to reports.
“The massive Fox News defamation settlement with Dominion Voting Systems may actually be a blessing in disguise for the right-wing network,” The Daily Beast’s Brett Bachman writes.
Lever News reports that a Fox Corp. spokesperson has confirmed the company’s plans to write off the settlement but declined to specify how much the company plans to deduct, the report said.
