Obscene $787.5 Million Settlement With Fox News 'Turns Dominion Into Private Equity Gold'

Dominion lawyer Davida Brook dodges when asked if employees she says need "closure" will get any cut of $787.5 million Fox News settlement.

By Chris Menahan
A private equity firm run by "veterans of The Carlyle Group" which bought a 76% stake in Dominion Voting Systems for only $38 million in 2018 is cashing in massively on Dominion's $787 million settlement with Fox News.

From Axios, "Fox News settlement turns Dominion into private equity gold":

Staple Street Capital bought Dominion Voting Systems in 2018, with a $38 million equity check and an $80 million enterprise value. It might have been the best private equity deal ever.

[...] By the numbers: Denver-based Dominion will be required to pay taxes on its windfall, plus give a hearty portion to attorneys. But this is still a massive amount of cash for a company of its size.

- Dominion currently generates around $45 million in annual EBITDA, up from $10 million in 2018, according to comments this morning from Staple Street co-founder Hootan Yaghoobzadeh on CNBC.

- In terms of revenue, Forbes once reported that Dominion generated $118.3 million for the three-year period between 2017 and 2019.

- Fox Corp. has just over $4 billion of cash on hand, and may have an insurance policy that helps it defray some of the settlement costs.

Look ahead: Yaghoobzadeh told CNBC that settlement proceeds will be distributed to shareholders, adding that Dominion management and employees "own a very significant stake in the business."

That's the same line one of Dominion's lawyers fed to CNN.

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