Newsmax has just reached a settlement with Dominion after they filed a lawsuit asking for $1.6 billion in damages.

The settlement payout is $67 million and will be paid over three years.

Here’s the announcement from Newsmax:

Newsmax Media, Inc. announced today it has reached a settlement agreement with Dominion Voting Systems, concluding a defamation lawsuit that Dominion filed in Delaware Superior Court in 2021.

In a filing submitted Monday with the U.S. Securities and Exchange Commission, Newsmax disclosed the parties have mutually agreed to resolve the litigation for a total payment of $67 million. The settlement amount will be paid out in installments over three fiscal years which the company expects to fund through revenues.

Dominion Voting Systems originally filed its lawsuit against Newsmax in 2021, seeking $1.6 billion in damages. Dominion alleged that certain statements made in Newsmax’s coverage of the 2020 presidential election were defamatory.

From the outset, Newsmax has always maintained its reporting was not defamatory and its coverage was consistent with accepted journalistic standards.

“Newsmax believed it was critically important for the American people to hear both sides of the election disputes that arose in 2020,” the company said in its statement. “We stand by our coverage as fair, balanced, and conducted within professional standards of journalism.”

Despite its confidence in its reporting, Newsmax determined the Delaware Court with Judge Eric Davis presiding over the case would not provide a fair trial wherein the company could present standard libel defenses to a jury.

Judge Davis also presided over the case of Dominion vs. Fox News where he was harshly criticized by then Fox’s chief legal officer for his actions and rulings.

“From the very beginning, Judge Davis ruled in ways that strongly favored the plaintiffs and limited Newsmax’s ability to defend itself,” Newsmax stated.