How Do Media Companies Get Regulated

One way that media companies are regulated are legal reasons which can bring them to self regulate in order to protect themselves and their reputation. During the 2020 Election Trump's legal team made of Rudy Guiliani and Sidney Powell claimed that election fraud was performed by the voting machine company "Dominion" by switching Trump to Biden votes, Sidney Powell appeared on news claiming that Dominion other than skewing election also belonged to the former Venezuelan president Hugo Chavez. Sidney Powell and Rudy Guiliani failed to provide concrete evidence but still expressed the accusation especially on Fox whose news anchors also repeated that Dominion rigged the election, this brought Dominion to sue Fox for $1.6 Billion due to defamation leading to loss in trust and loss in business. When Fox News was brought to court with Dominion it is revealed that internal communications showed news anchors like Sean O'Hanitty and Tucker Carlson though that Sidney Powell was bogus and that evidence presented was "kooky" while Rupert Murdoch owner of Fox thought that the views spread on air were "crazy", despite thus they continued to perpetrate those views on air. Eventually they settled for $787 million USD which accounts for half of Fox's profit as Dominion did not want to take anymore risks making the biggest settlement in news history. This scandal is labelled "The Big Lie". It is assumed that not the entire $1.6 billion dollar is paid in order to prevent the collapse of Fox which risks a conservative audience switching to other right wing and more extreme platforms such as NewsMax and OAN where the cultivation theory by George Gerbner suggest that they will float to other sources that confirm their prior biases.  Some time after the trials Tucker Carlson was fired for sharply criticizing fox news leadership according to "Independent". The lawsuit brought Fox news to self regulate thus firing Tucker Carlson.


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