Newsmax has agreed to pay Smartmatic $40 million as part of a settlement following the voting technology company’s defamation lawsuit against the right-wing news outlet. The settlement, which includes a cash payment and an option to purchase stock in Newsmax, is set to be fully paid by July. Newsmax believes this settlement will eliminate future legal expenses related to the suit. The 2021 lawsuit was based on Newsmax’s false claims that Smartmatic manipulated the 2020 presidential election in favor of Joe Biden.
Details of the settlement provide insight into the confidential agreement that was reached last year. Smartmatic settled a related lawsuit against One America News for an undisclosed sum as well. The company is now focused on a similar case against Fox News. Fox News’ parent company, Fox Corp., has already settled a defamation lawsuit with Dominion Voting Systems for $787.5 million in 2023.
The settlement with Smartmatic will help Newsmax avoid costly legal expenses in the future, including potential appellate actions. The settlement agreement includes payments totaling $20 million that have already been made, with the remainder to be paid before July. Newsmax has not made a public statement regarding the settlement and did not immediately respond to requests for comment.
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