Paramount has settled a lawsuit with President Donald Trump for $16 million regarding CBS News, enabling approval of its merger with Skydance Media. The settlement covers Trump's legal fees and is designated for his presidential library, falling short of the damages he initially sought. As part of the agreement, Paramount will provide transcripts of future 60 Minutes interviews with presidential candidates but will not issue an apology. The lawsuit was deemed baseless by legal experts, but it exerted pressure on Paramount to comply due to the required merger approval from the Trump administration.
Paramount has agreed to pay $16 million to resolve President Donald Trump's lawsuit against its subsidiary CBS, clearing a path for the administration to approve the media giant's multibillion-dollar merger with Skydance Media.
The settlement payment is inclusive of Trump's legal fees and costs, and the money will be allocated to his future presidential library instead of being paid to Trump directly.
The Wall Street Journal reported in May that Trump was willing to drop the complaint in exchange for upwards of $25 million and a public apology.
Legal experts said the suit was baseless, but it placed Paramount under pressure to appease the President as its long-drawn out merger plans with Skydance require approval from the Trump administration.
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