On the first day of what would’ve been a hell of a trial, Dominion Voting Systems and Fox News on Tuesday abruptly agreed to settle Dominion’s defamation claims against the propaganda network over its lies about the voting machine manufacturer in the aftermath of the 2020 election.

Shortly after Delaware Superior Court Judge Eric Davis announced the settlement, Fox News issued a statement, saying “We are pleased to have reached a settlement of our dispute with Dominion Voting Systems. We acknowledge the Court’s rulings finding certain claims about Dominion to be false. This settlement reflects FOX’s continued commitment to the highest journalistic standards. We are hopeful that our decision to resolve this dispute with Dominion amicably, instead of the acrimony of a divisive trial, allows the country to move forward from these issues.”

The settlement is for $787.5 million, less than the $1.6 billion sought.  “Fox has admitted to telling lies about Dominion that caused tremendous damage….” Dominion’s CEO said after a company lawyer announced the settlement.

UPDATE 5:25 p.m. ET:  Various sources report the settlement does not include a mandate that Fox acknowledge its false statements and slander on its broadcasts.  The $787 million settlement is roughly three-quarters the final financial claim of $1.1 billion that had been adjusted pre-trial.  Fox has $4.1 billion cash or cash equivalents on-hand, according to corporate reports.

UPDATE 5:25 p.m. ET: Various sources report the settlement does not include a mandate that Fox acknowledge its false statements and slander on its broadcasts. The $787 million settlement is roughly three-quarters the final financial claim of $1.1 billion that had been adjusted pre-trial. Fox has $4.1 billion cash or cash equivalents on-hand, according to corporate reports.

Fox Corporation has been hit with a number of major settlements in the previous six years, but this amount seems to be its largest. It’s 25 times the Bill O’Reilly sexual harassment settlement ($32 million); 39 times the amount paid former network hostess Gretchen Carlson’s ($20 million); but just 17 times the cumulative settlements for sexual harassment from still-dead Jabba the Hutt cosplayer Roger Ailes, who cost the corporation $45 million.

Smartmatic’s ready to add to Fox’s pain, saying in a statement: “Dominion’s litigation exposed some of the misconduct and damage caused by Fox’s disinformation campaign. Smartmatic will expose the rest.”