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Who else won in Dominion v Fox News? Private equity. [1]

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Date: 2023-04-19  

Dominion Voting Systems won big in striking a historic $787 million settlement with Fox News over allegations the broadcaster had defamed the election equipment company. But the biggest financial winner is midsize private equity firm that turned a five-year-old investment in Dominion into a tenfold return.

The firm, Staple Street Capital bought bought a controlling stake in Dominion for about $38 million, according to Reuters, Fortune and other media reports. The settlement with Fox amount comes to more than 20 times Staple Street's initial investment before legal expenses are deducted. Dominion did not respond to a question on how much of the settlement would go toward legal fees.

The settlement is also multiple times Dominion's annual revenue, which was estimated at just under $100 million last year, according to data provider Pitchbook. Dominion's suit against Fox had sought damages of $1.6 billion.

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The voting machine company is also suing TV networks Newsmax and OAN for $1.6 billion each, and is asking for $1.2 billion in damages from MyPillow and CEO Mike Lindell in a separate lawsuit.

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[1] Url: https://www.dailykos.com/stories/2023/4/19/2164771/-Who-else-won-in-Dominion-v-Fox-News-Private-equity

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