"Fox has admitted to telling lies about Dominion that caused enormous damage to my company, our employees and our customers," Poulos said in a statement.
Shares of Fox Corp closed up slightly at $34 per share, but were down 1% in after-hours trading after the settlement amount was disclosed.
Fox Corp CEO Lachlan Murdoch told Wall Street analysts in February that the company had about $4 billion cash on hand.
[1/5] Dominion CEO John Poulos and lawyers speak to the media after Dominion Voting Systems and Fox settled a defamation lawsuit for $787.5 million, avoiding trial, over Fox's coverage of debunked election-rigging claims, in Delaware Superior Court, in Wilmington, Delaware, U.S. April 18, 2023.
Fox Corp reported nearly $14 billion in annual revenue last year.