The boss of voting technology firm Dominion today hailed its record-breaking $787.5million Fox News defamation settlement as a 'big step forward in democracy'.

John Poulos told Good Morning America it was important for the political system to 'send a signal that if media companies lie ... and they do so knowingly, they will be prepared to pay a very, very high price.'

Fox settled at the eleventh hour Tuesday after Dominion alleged the conservative network knowingly aired false claims that its machines were used to rig the 2020 presidential election.

The agreement to end the case avoided what most experts suggested would have been a damaging, high-profile trial for the channel in which owner Rupert Murdoch and primetime stars like Tucker Carlson and Sean Hannity would have been compelled to testify in open court.

Now Dominion marches on with lawsuits against right-wing network Newsmax as well as Trump allies Rudy Giuliani, Sidney Powell and Mike Lindell. 

Meanwhile Fox is staring down the barrel of a $2.7billion lawsuit from another voting technology company, Smartmatic, over its coverage of debunked election-rigging claims. Legal experts suggested the settlement with Dominion handed Smartmatic a 'bargaining chip.'

Referring to the Fox case, Poulos told GMA: 'The fact is [Fox] published falsehoods about us and it wasn't just once or twice, it wasn't just on one day or two days, it was 20 statements over two-and-a-half months.

'This was not the case of a media company pursuing the truth and making a mistake. They knew.'

Judge Eric Davis announced the last-minute agreement after the 12 jurors had been selected and the Delaware Superior Court was readying to hear opening arguments.