Disney recently made a historically large payout to settle a lawsuit, according to a new financial release from ABC’s parent company.
“In a footnote on the company’s quarterly earnings report on Tuesday, Disney said it paid $177 million that was ‘incurred in connection with the settlement of litigation,’ at least some of which was related to a years-long legal dispute with South Dakota-based meat processor Beef Products Inc.,” CNN reports.
Disney isn’t specifying where the money went, but the report cites an attorney for BPI who told CNN that the settlement was worth even more than $177 million.
BPI sought more than $1 billion in a defamation lawsuit filed in 2012 over ABC News reports on what some critics have called “pink slime,” a finely textured beef product.
“Even just $177 million would likely represent roughly a year’s worth of advertising revenue for ABC’s evening news program, a significant sum for the network and a sign of how damaging defamation suits can be for media outlets after the Hulk Hogan case sent Gawker into bankruptcy,” CNN notes.