Chris Ruddy, CEO Newsmax speaks on the 1st day of CPAC Washington, DC conference at Gaylord National Harbor Resort & Convention on March 2, 2023 (Photo by Lev Radin/Sipa USA)(Sipa via AP Images).
Newsmax will pay voting software company Smartmatic $40 million to settle a defamation lawsuit filed years ago in Delaware state court.
The resolution to the once-contentious legal dispute was actually made in September 2024, but only recently revealed in a Newsmax investment prospectus or circular published on the Securities and Exchange Commission’s website earlier this month.
To date, the media company has paid out $20 million of the settlement agreement — which also includes significant stock options.
“As of the date hereof, the Company has made payments under the settlement agreement totaling $20 million,” the filing reads. “Payment of the remaining balance will be made in installments of $10 million on or prior to each of March 31, 2025 and June 30, 2025.”
