While the payout is substantial, Fox avoids what was billed as the defamation trial of the century.
The settlement means that Fox and Dominion can now put the case behind them, with both firms able to claim victory.
This reality is that two big companies are, by nature, risk averse. And any time you got a jury, it's risky, said David Logan, professor of law at Roger Williams University.
It is one of the biggest financial settlements ever in a defamation case, at almost $800 million.
It's obviously a significant number, and we shouldn't dismiss that. It is a really, really large number, said Angelo Carusone, president of left-wing media watchdog Media Matters for America.
Rupert Murdoch and his family - who control the media empire of the News Corp, including Fox News, The Times of London and The Wall Street Journal - are estimated to have a fortune of $17.6 bn.
The deal also means that Fox executives, including Murdoch, and some of the network's anchors, have not had to testify in one of the most high-profile defamation trials in history.
The legal team may have also been weighing the potential financial implications if the case had gone ahead and Dominion had won.
However, Fox will be unable to put the issues of its reporting on the 2020 election behind it quite yet.