Fox Corp FOX and Fox News on Tuesday reached a settlement in a defamation lawsuit filed by Dominion Voting Systems before the process started. Here’s what you need to know.

What you should know: The judge in the case said the two parties settled the lawsuit, which, according to a Reuters report, focused on false allegations of vote-rigging in the 2020 United States presidential election.

CEO of Dominion Voting Systems John Poulos made a statement to a crowd of reporters after the deal.

“Fox and Dominion have reached an historic agreement. Fox has admitted to telling lies about Dominion that have caused tremendous damage to my business, our employees and the customers we serve. Nothing can ever make up for that. Throughout this process we have sought accountability and believe the evidence brought to light by this case underscores the consequences of spreading lies,” Poulos said.

Dominion had sought $1.6 billion in damages in the lawsuit filed in 2021. A Dominion attorney has confirmed the two parties reached an agreement on a $787.5 million settlement Tuesday afternoon.

The trial was due to start on Monday, before the judge ordered a one-day postponement to give both sides time to reach a possible settlement. The judge was to decide whether Fox would be held liable for spreading allegations that Dominion’s voting machines rigged the count in favor of the current president Joe Biden about the then President donald trump.

According to Nielsen data cited by Reuters, Fox News is the most watched cable news network in the United States.

FOX Price Action: Fox shares fell 0.42% after the close to $31.07 on news of the settlement, according to Gasoline Pro.

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