Newsmax will pay $40 million to settle Smartmatic voting machine allegations

Newsmax has paid $20 million to Smartmatic so far, with plans to pay off the remainder by July. The settlement also includes the option to buy shares in Newsmax, which plans to list on the NYSE on March 31. Smartmatic sued Newsmax in 2021 after the network aired false allegations that its voting machines helped Joe Biden win the 2020 presidential election. It claimed Newsmax “deliberately disseminated a continuous stream of falsehoods,” harming Smartmatic’s business.

Newsmax still faces another lawsuit from the voting machine company Dominion. “While Newsmax Media is vigorously defending the Dominion suit, an unfavorable outcome in the matter could have a material adverse effect on the Company’s financial position, results of operations and cash flows,” Newmax’s filing reads.