Fox News is in a vicarious position as they are on the receiving end of several multibillion-dollar lawsuits
For years Fox News has been spewing propaganda and miss information by their repugnant commentators and claiming it to be news, except when they are hit with several multibillion-dollar lawsuits.
Fox News has been a pro-Maga, pro-Trump mouthpiece for the last five years and had become the de facto state media. They lived on the teet of the Trump administration and now are coping with a post-Trump Whitehouse.
As of now, Fox is having to face a stark reality they could be on the receiving end of several multi-billion dollar defamation judgements. Just recently in Delaware, a Superior Court Judge rejected Fox News’ request to dismiss a $1.6 billion defamation lawsuit filed by Dominion Voting Systems for spreading false information during the 2020 presidential election.
And in a completely separate case, the network attempted to have a New York Justice throw out a $2.7 billion lawsuit filed by Smartmatic for similar slanderous claims during the 2020 presidential election. The judge has yet to rule if he plans to dismiss the case but indicated he is very sceptical of the corporation’s arguments for wanting the case dismissed.
If any of the multiple billion-dollar lawsuits being filed against Fox News end with judgements against the corporation, this is a big deal. Here is why; Fox’s insurance and reinsurers have a set capacity of risk/ liability tolerance, followed by deductible for re-offenders. If the insurance companies pay out their portion of any claims, Fox is on the hook for the rest.
Of course, that is assuming the policy does not have an exclusion clause for defamation claims. If that is the case, any final judgement against Fox News will come out of their reserve funds. To offset the loss in revenue, the corporation will likely transfer the cost to its consumers by raising the price of services.
The increased cost of services will likely not deter the Fox faithful. The right-wing MAGA sycophants have no issues supporting a network and a leader that continues to spoon-feed them misinformation while taking their money in the form of subscriptions and monthly donations.