KEY TAKEAWAYS
- Paramount Global has reportedly agreed in principle to pay President Donald Trump $16 million to settle his lawsuit over a CBS interview with former Vice President Kamala Harris.
- According to The Wall Street Journal, Trump had sought $20 billion in damages.
- The New York Times said that some Paramount executives saw the lawsuit as a potential stumbling block to getting the Trump administration’s approval for the media firm’s takeover by Hollywood studio Skydance.
Paramount Global (PARA) has reportedly agreed in principle to pay President Donald Trump $16 million to settle his lawsuit over a CBS interview with former Vice President Kamala Harris.
According to The Wall Street Journal, Trump had sought $20 billion in damages. Trump’s lawsuit alleged that Paramount’s CBS News network had “deceitfully edited a ’60 Minutes’ interview with the Democratic presidential candidate to make her sound better,” the report said.
CBS said the broadcast wasn’t “doctored or deceitful,” The Journal reported.
Some Paramount executives saw the lawsuit as a potential stumbling block to getting the Trump administration’s approval for the media firm’s takeover by Hollywood studio Skydance, The New York Times said.
Paramount’s settlement, the reports said, will be paid to Trump’s future presidential library after deducting the president’s legal fees and costs. Paramount’s announcement of the settlement didn’t include an apology, the reports noted. Paramount and The White House didn’t immediately respond to Investopedia‘s request for comment.
Paramount shares, which entered Wednesday up by more than a quarter this year, are up slightly in premarket trading.