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☆ Dominion sued Fox News for $1.6 billion. Internal documents show the tech company is only worth $80 million at most, Fox says.
▼ + stars: | 2023-02-17 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +6 min

Dominion sued Fox News for $1.6 billion, alleging it helped spread election conspiracy theories. "Even under the most optimistic projections," they wrote, Staple Street did not forecast Dominion would be worth "anywhere near $1.6 billion." "At no time did Staple Street so much as hint to its investors, auditors, or anyone else that Dominion could be worth $1.6 billion," they wrote. "Yet, when Dominion decided to file a lawsuit to punish FNN for reporting the President's allegations about Dominion, Dominion chose to claim that Dominion's value was 20 times their highest estimate." The $1.6 billion lawsuit, Fox News argues, will have a chilling effect on media outlets everywhere.

☆ Fox News hosts and executives privately mocked pro-Trump election conspiracy theories after he lost, internal texts show
▼ + stars: | 2023-02-17 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +12 min

It enrages me," Tucker Carlson wrote in a text message to his producer Alex Pfeiffer. "Not a single Fox witness testified that they believe any of the allegations about Dominion are true," Dominion lawyers wrote. Imho they need to address but wtf do I know," Hannity wrote in a text message, referring to Newsmax. That email, Dominion's lawyers write, came from an unnamed author who claimed to be a beheaded ghost who talks to the wind. President Trump not only was the sitting President, he was the key figure that day," Dominion's lawyers wrote.

☆ Fox News hosts, Rupert Murdoch were skeptical of Trump election fraud claims
▼ + stars: | 2023-02-16 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Rupert Murdoch and Fox News hosts expressed disbelief in former President Donald Trump's false election fraud claims, according to evidence released from Dominion Voting Systems' $1.6 billion lawsuit against Fox Corp and its cable-TV networks. In court papers filed Thursday, text messages and testimony from depositions show that Fox executives and TV personalities were skeptical about claims that the election between the victorious Joe Biden, a Democrat, and Trump, a Republican, was rigged. And damaging," Fox Corp Chairman Rupert Murdoch said in an email on Nov. 19, days after the election, regarding claims Trump lawyer Rudy Giuliani was making on Fox News. "Sydney Powell is lying," Tucker Carlson said in a text message to his producer. Our viewers are good people and they believe it," Carlson responded, according to court papers.

“From the top down, Fox knew ‘the dominion stuff’ was ‘total bs,’” Dominion wrote in its filing for summary judgment in its favor. Dominion must prove that the network either knew the statements it aired were false or recklessly disregarded their accuracy. Dominion said in its brief that Murdoch internally described the election claims as “really crazy” and “damaging,” but declined to wield his editorial power to stop them. In its summary judgment filing, Fox argued that Trump’s claims about the election were “undeniably newsworthy” and that viewers understood they were merely being reported as allegations. Fox also argued that Dominion’s suit advances overbroad interpretations of defamation law, takes quotes from its coverage out of context and ignores its reporting of Dominion’s rebuttals to the false claims.

☆ Fox News stars and executives privately trashed Trump’s election fraud claims, court document reveal
▼ + stars: | 2023-02-16 | by ( Oliver Darcy | ) edition.cnn.com time to read: +2 min

New York CNN —The most prominent stars and highest-ranking executives at Fox News privately ridiculed claims of election fraud in the 2020 election despite the right-wing channel allowing lies about the presidential contest to be promoted on its air, damning messages contained in a Thursday court filing revealed. In one set of messages revealed in the court filing, Carlson texted Ingraham, saying that Sidney Powell, an attorney who was representing the Trump campaign, was “lying” and that he had “caught her” doing so. Ingraham responded, “Sidney is a complete nut. Ditto with Rudy [Giuliani].”The messages also revealed that Rupert Murdoch, the chairman of Fox Corporation, did not believe Trump’s election lies and even floated the idea of having Carlson, Hannity, and Ingraham appear together in prime time to declare Joe Biden as the rightful winner of the election. In a statement, Fox News argued that the Thursday court filing contained cherry-picked quotes lacking context.

☆ Rudy Giuliani gets hit with 2 more counts in Smartmatic's defamation lawsuit
▼ + stars: | 2023-02-14 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

Rudy Giuliani has to face two more claims in Smartmatic's defamation lawsuit. Smartmatic has also tried to include Fox News's parent company, Fox Corporation, as a defendant in the case. Lachlan Murdoch and Rupert Murdoch, who run Fox News's parent company Fox Corporation, were both deposed in a similar lawsuit brought by Dominion Voting Systems. The portions of Smartmatic's lawsuit against Powell were moved to a court in Washington, DC, where the case remains ongoing. Fox Corporation is a defendant in that lawsuit and the technology company was able to depose Rupert and Lachlan Murdoch, court records show.

☆ Dogs Win the Super Bowl Ad Lineup, Surveys Show
▼ + stars: | 2023-02-13 | by ( Patrick Coffee | ) www.wsj.com time to read: +5 min

The winner of USA Today’s annual Super Bowl Ad Meter was a commercial for dog-food delivery company Farmer’s Dog Inc. that tracked one chocolate Lab’s relationship with its owner from puppyhood to old age. The USA Today rankings had some overlap with other results. Research by Ace Metrix, a unit of TV ad measurement firm iSpot.tv Inc., crowned Jeep’s Super Bowl commercial as the most likable of the night. Jeep had the game’s most likable ad, according to Ace Metrix. “In past years, we’ve seen the majority of Super Bowl conversation generated in the weeks leading up to the Big Game,” a Mars spokeswoman said.

☆ The 2023 Super Bowl Ads Will Feature Booze, Betting and Jesus
▼ + stars: | 2023-02-10 | by ( Megan Graham | Patrick Coffee | ) www.wsj.com time to read: +10 min

The Super Bowl ads on Sunday are poised to promote an unusual mix of alcohol brands, gambling and Jesus. The Super Bowl still regularly draws an audience of around 100 million people, making it TV’s biggest event of the year and advertising’s biggest night. Planters’ Super Bowl ad features comedians mocking Mr. Peanut. The ads are likely to strike a lighter tone than the occasionally somber messages of Super Bowl ads in recent, highly politicized years or the early pandemic, said Anjali S. Bal, an associate professor of marketing at Babson College. Many Super Bowl advertisers have again released their ads well before Super Bowl Sunday to increase their chances of being seen.

CNN —A last-ditch effort to salvage a Fox interview with President Joe Biden before the Super Bowl has fallen through. Biden is not expected to participate in the annual presidential Super Bowl interview with Fox, the network airing the game this year. The Biden administration attempted a workaround that avoided a sit-down with Fox News, with which the White House has a contentious relationship. Fox has canceled the interview, White House press secretary Karine Jean-Pierre said in a tweet Friday. Despite some discussion early on about an interview, the White House never committed to granting a sit-down to Fox News.

☆ Fox Corp cancelled Biden's Super Bowl interview with Fox Soul, White House says
▼ + stars: | 2023-02-10 | by ( Nicole Gaudiano | ) www.businessinsider.com time to read: +2 min

Fox Corp asked to cancel a Super Bowl interview with President Joe Biden, the White House said. Biden was to speak on Fox Soul, a digital television network operated by Fox Television. Interviews with the president are a tradition on Super Bowl Sunday. It's customary for the president to give an interview to the network broadcasting the Super Bowl on the day of the game. Since Fox is airing the Super Bowl, the interview by tradition would go to Fox News.

☆ Rupert Murdoch's News Corp is cutting 1,250 jobs
▼ + stars: | 2023-02-10 | by ( ) edition.cnn.com time to read: 1 min

News Corp said Thursday that it would cut 5% of its workforce, or 1,250 jobs, after the media conglomerate fell short of quarterly Wall Street estimates for profit and revenue, hurt by declines across its businesses, including news. The company also said it incurred $6 million in one-time costs associated with its plans to merge with Fox Corp , which Rupert Murdoch , News Corp executive chairman and Fox co-chairman, scrapped in January. News Corp NWS A slump in advertising spending by businesses hit by rising inflation and higher interest rates has dented one of the major sources of revenue for companies such as, which publishes the Wall Street Journal. "A surge in interest rates and acute inflation had a tangible impact on all of our businesses," Chief Executive Robert Thomson said in a statement. Shares of the company were down nearly 3% in extended trading Thursday.

The company also said it incurred $6 million in one-time costs associated with its plans to merge with Fox Corp (FOXA.O), which News Corp Executive Chairman and Fox Co-Chairman Rupert Murdoch scrapped in January. To combat the slowdown, Thomson said there were a number of initiatives underway, including the job cuts. The layoffs will be made across all businesses and result in savings of at least $130 million on an annualized basis. Advertising revenue in the second quarter fell 10.6% to $464 million during the quarter. Revenue was $2.52 billion in the second quarter ended Dec. 31, while analysts on average expected $2.55 billion, according to Refinitiv data.

☆ News Corp announces job cuts, misses estimates for earnings
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

Feb 9 (Reuters) - Media conglomerate News Corp (NWSA.O) said on Thursday that it would cut 1,250 jobs after it missed estimates for second-quarter earnings due to weakness in its news and digital real estate businesses. "A surge in interest rates and acute inflation had a tangible impact on all of our businesses," Chief Executive Robert Thomson said in a statement. Advertising revenue fell 10.6% to $464 million during the quarter. Revenue was $2.52 billion in the second quarter ended Dec. 31, while analysts on average expected $2.55 billion, according to Refinitiv data. Reporting by Chavi Mehta in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ News Corp. announces it will cut 1,250 positions this year
▼ + stars: | 2023-02-09 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

News Corp . said Thursday it will cut about 1,250 positions, or 5% of its workforce, in the latest round of layoffs that have hit the media and tech industries in recent months. Rupert Murdoch's media company, which owns such names as The Wall Street Journal, the New York Post, Barron's and HarperCollins, said the tough marcoeconomic environment and higher interest rates have been hurting the company. On Thursday the company reported earnings results and said its quarterly revenue decreased 7% to $2.52 billion from the year-earlier period. Thomson noted that despite "the obvious global challenges," its professional information business at Dow Jones, the publisher of the Journal, saw revenue surge. Quarterly revenue for the overall Dow Jones segment rose 11% from the year-earlier period.

☆ Fox Quarterly Revenue Up 4% as Earnings Are Boosted by World Cup, NFL
▼ + stars: | 2023-02-08 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Fox said its advertising revenue rose about 4% in the fiscal second quarter. Fox Corp. posted higher revenue for the recently ended quarter, as advertising sales got a boost from soccer’s World Cup and National Football League games. The company said revenue rose 4% to $4.61 billion for the three months ended Dec. 31, topping Wall Street expectations of $4.58 billion.

☆ Fox to Seek Acquisition Targets After Decision to Drop News Corp Deal
▼ + stars: | 2023-02-08 | by ( Joe Flint | Will Feuer | ) www.wsj.com time to read: 1 min

Fox Corp. Executive Chair and Chief Executive Lachlan Murdoch said the media company will be looking for merger-and-acquisition targets more aggressively after the decision to call off plans to remerge with News Corp .“There will be things we will be sure to cast our eyes over,” Mr. Murdoch said on a call with Wall Street analysts to discuss Fox Corp.’s quarterly earnings. “Mergers and acquisitions will be a more important part of our tool kit.”

☆ Stocks making the biggest moves midday: CVS, Fortinet, Lumen Technologies, Alphabet & more
▼ + stars: | 2023-02-08 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Check out the companies making headlines in midday trading Wednesday:Lumen Technologies — Shares fell 22.5% after the cloud network data company reported a fourth-quarter loss of about $3.1 billion. CVS Health — CVS Health gained 4.6% after the company surpassed profit and sales expectations in its latest quarterly results. The New York Times Company — Shares for the media organization popped more than 14% after its fourth-quarter earnings beat analyst estimates. The company reported earnings of 59 cents per share, which was greater than a Refinitiv estimate of 43 cents per share. Fortinet posted earnings of 44 cents per share, while analysts expected 39 cents per share, according to StreetAccount.

☆ Morning Bid: Powell confesses 'This time it's different'
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +5 min

Any fear of a radical Fed rethink on the back of the jobs numbers seemed wide of the mark. "This cycle is different from other cycles...it has just confounded all sorts of attempts to predict," Powell admitted. And many think last week's jobs report should similarly be treated with care. They included a minimum tax for billionaires and a quadrupling of the tax on corporate stock buybacks. Brands, Eaton Corp, etcUS terminal rateReuters GraphicsReuters GraphicsReuters GraphicsBy Mike Dolan, Editing by Raissa Kasolowsky <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

☆ Dominion Voting attorney calls out Fox for missing evidence in defamation lawsuit
▼ + stars: | 2023-02-08 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

While this issue was already raised in July and January, the Dominion attorney said Wednesday they are still missing documents. We pointed out categories of missing documents for both Fox News and Fox Corp that are still missing. Fox attorney Dan Webb, a veteran trial attorney added to Fox's roster last year, said he disagreed with much of what Nelson said during the hearing Wednesday. Dominion brought the defamation lawsuit against Fox and its right-wing cable news networks, Fox News and Fox Business, seeking $1.6 billion in damages. "We are put in this impossible situation of preparing for trial where there are missing documents," Nelson said.

☆ Fox projects record Super Bowl ad revenue after World Cup, NFL boosted results
▼ + stars: | 2023-02-08 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Fox Corp said Wednesday it will rake in a record amount of Super Bowl ad revenue as it reported a boost in its fiscal second quarter results. NFL and college football games helped drive ratings and advertising revenue, Fox executives said Wednesday. The company's broadcast network will air the Super Bowl on Sunday, which is known to be the marquee event for advertisers. "The money came in late for Super Bowl advertising, so we had some nervous moments," Murdoch said. "But it will be a record Super Bowl for us in terms of total revenue and what we achieved for each spot."

☆ A flurry of earnings reports, Fed rate hike, signs of a bull market
▼ + stars: | 2023-02-04 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Earnings season continues next week, with Club holdings Linde (LIN), Emerson Electric (EMR) and Walt Disney (DIS) all set to report. Similarly, shares of Meta Platforms (META) have surged over 20% since CEO Mark Zuckerberg reassured investors Wednesday evening that 2023 would be the technology giant's "year of efficiency." The bull case is further supported by continued signs inflation is easing, a still-robust job market and the breadth of market-buying activity since the start of the year. Lastly on Wednesday, the Fed's Federal Open Market Committee raised the federal funds rate by 25 basis points, in line with expectations. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Take Five: The Bottom Line
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +5 min

Australia and India's central banks are navigating the shifting sands of data and markets are digesting what the world's top central banks have to offer. The question is what impact this will have on bonds and stocks markets after a stellar January? Reuters Graphics4/ RUN RALLY, RUNIt was a stellar start to 2023 for markets - stocks and government bonds enjoyed one of the best Januaries on record, fuelled by optimism that the worst is over. That's not good for a central bank, nor is the idea that their communication is ineffective. Policy rate hikes and cuts by central banks overseeing the 10 most traded currencies.

☆ Earnings and Fed Chair Powell will again drive markets in the week ahead
▼ + stars: | 2023-02-03 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

With few economic releases and the earnings season starting to wind down, an appearance by Federal Reserve Chairman Jerome Powell Tuesday could be among the newsiest events for markets in the week ahead. The Fed chair is speaking at the Economic Club of Washington D.C. at midday Tuesday. If he wanted to walk back anything, he could have done it then," said Art Hogan, chief market strategist at B. Riley. Economists said Friday's surprisingly strong jobs report should encourage the Fed to push forward with planned rate hikes. Earnings, earnings, earnings But there continues to be earnings news.

☆ Exclusive: Warner Bros Discovery licenses movies and TV shows to Roku, Tubi
▼ + stars: | 2023-01-31 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +3 min

Jan 31 (Reuters) - Warner Bros Discovery Inc (WBD.O) has reached deals with streaming services Roku Inc (ROKU.O) and Fox Corp's (FOXA.O) Tubi to license 2,000 hours of movies and TV series, as it becomes the latest media company to embrace free, ad-supported streaming TV. The streamers announced Tuesday they plan to use the content to launch Warner Bros-branded free, ad-supported TV (or FAST) channels. For the first nine months of 2022, Warner Bros Discovery's streaming business, which includes HBO Max, lost $1.38 billion. The studio is seeking to capitalize on a growing segment of the streaming universe, which industry executives see as complementing subscription streaming services. AMC Networks Inc (AMCX.O), Comcast Corp's (CMCSA.O) NBCUniversal and the National Hockey League have launched FAST channels over the last year.

☆ Why Hollywood's tech evangelists are bullish on NFTs and Web3 storytelling, even after the FTX scandal tarnished blockchain's rep
▼ + stars: | 2023-01-31 | by ( Elaine Low | ) www.businessinsider.com time to read: +7 min

Amid the FTX scandal and declining NFT sales, Web3 chatter has grown quieter in Hollywood. But proponents of NFTs and Web3 storytelling are betting on the tech's entertainment potential. Hollywood's evangelists of Web3 — the decentralized, blockchain-based future of the web that includes crypto and NFTs — were out in full force. She has worked to distance the creative and storytelling potential of NFTs and other blockchain-based technologies from the cowboy rep of the digital currency world. "I'm excited about moving Web3, blockchain technologies past sort of the hype cycle that we've seen with digital collectibles and NFTs," Greg Reed, Universal Pictures' VP of technology partnerships, told Variety.

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