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...Why it matters: Ahead of the 2024 race and beyond, the settlement -- the third involving 2020 election coverage in the past two years -- shows the cost of airing election lies.

- - - Newsmax rival OAN settled another defamation suit by Smartmatic in April.

- - - Fox's $787 million settlement of a defamation suit by Dominion Voting Systems last year marked one of the largest media defamation payouts in history.

Driving the news: Newsmax and Smartmatic settled just as jury selection was underway for a trial set to begin in a few days. Details of the agreement were not made immediately available.

- - - "Lying to the American people has consequences. Smartmatic will not stop until the perpetrators are held accountable." a Smartmatic spokesperson said.

- - - Newsmax said on its website it was "pleased to announce it has resolved the litigation brought by Smartmatic through a confidential settlement." ...