Fox News has settled a defamation lawsuit from the voting machine company, Dominion, over its reporting of the 2020 presidential election.
In a last-minute settlement before trial, the network agreed to pay $787.5m (£634m) – about half of the $1.6bn initially sought by Dominion.
Dominion argued its business was harmed by Fox spreading false claims the vote had been rigged against Donald Trump.
The deal spares Fox executives such as Rupert Murdoch from having to testify.
The judge in the case is not required to give his approval for the agreement.
Fox said Tuesday’s settlement in one of the most anticipated defamation trials in recent US history reflected its “commitment to the highest journalistic standards”.
The Fox statement added without elaborating that the network “acknowledges the court’s rulings finding certain claims about Dominion to be false”.
Dominion chief executive John Poulos told a press conference the deal included Fox “admitting to telling lies, causing enormous damage to my company”.
Justin Nelson, a Dominion attorney, told reporters that “the truth matters”.
“Lies have consequences,” he added. “Over two years ago a torrent of lies swept Dominion and election officials across America into an alternative universe of conspiracy theories, causing grievous harm to Dominion and the country.”
Mr Nelson added that for “democracy to endure”, Americans must “share a commitment to facts”.
