Buried in the Walt Disney Company’s Third Quarter Earnings Report released earlier this week was $177 million ABC News paid in a settlement to Beef Products Inc (BPI) over a defamation lawsuit.
Beef Products Inc is a South Dakota-based meat processing company. ABC news claimed in a report that BPI manufactured beef that was referred to as “pink slime.” Even though ABC News stated the beef was safe to consume by humans, BPI said the claim hurt their bottom line.
The suit was originally filed in 2012 and was settled just this June. The $177 million does not appear to be the full amount that ABC News paid BPI but rather a sum of the settlement amount along with the ongoing litigation fees involved to reach a settlement.
CNN reported that $177 million “would likely represent roughly a year’s worth of advertising revenue for ABC’s evening news program.” Other reports say that this is likely the largest settlement ever paid out by an American News Company over a defamation lawsuit.
Disney is the parent company of ABC/ABC News.
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Photo Credit: ABC
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