Paramount Global will pay $16 million to Donald Trump’s presidential library to end his $20 billion lawsuit over a 60 Minutes interview with Kamala Harris—but won’t apologize.
The company announced the settlement just before midnight on Tuesday, hours ahead of Paramount’s shareholder meeting and with no notice posted on its investor relations page.
The $16 million includes Trump’s legal fees and matches the sum Disney paid Trump’s library to settle his defamation suit over an interview ABC’s George Stephanopoulos did with GOP Rep. Nancy Mace.
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“No amount will be paid directly or indirectly to President Trump or Rep. Jackson personally,” Paramount said in a statement. “The settlement will include a release of all claims regarding any CBS reporting through the date of the settlement, including the Texas action and the threatened defamation action.”
The two sides also agreed that “in the future, 60 Minutes will release transcripts of interviews with eligible U.S. presidential candidates after such interviews have aired, subject to redactions as required for legal or national security concerns."
Paramount stipulated that the settlement “does not include a statement of apology or regret.” Trump’s demand for an apology was one of the holdups during the months long settlement talks, according to The Wall Street Journal.
“With this record settlement, President Donald J. Trump delivers another win for the American people as he, once again, holds the Fake News media accountable for their wrongdoing and deceit,” a spokesperson for President Trump’s legal team said in a statement. “CBS and Paramount Global realized the strength of this historic case and had no choice but to settle. President Trump will always ensure that no one gets away with lying to the American People as he continues on his singular mission to Make America Great Again.”
Trump sued Paramount and CBS for $10 billion in October after CBS aired a special 60 Minutes interview with Kamala Harris. The network teased the Monday edition of the show on Face the Nation, which airs on Sundays, with a garbled Harris answer on Israel’s war in Gaza.
But when the episode aired the next day, it featured a different portion of Harris’ answer. Trump, who did not participate in the episode, claimed the change amounted to distortion, though CBS said it followed standard journalistic editing for timing reasons. He upped his request to $20 billion earlier this year.
Still, the case launched a maelstrom of headaches for Paramount—and its controlling shareholder, Shari Redstone—as it sought to complete its merger with David Ellison’s Skydance. Federal Communications Chairman Brendan Carr tied the episode to his review of the case, prompting concerns that the settlement could be perceived as a bribe.
Paramount on Wednesday pointed to its past statement on the merger, saying the lawsuit was separate from the Skydance review and it would “abide by the legal process to defend our case.”
But despite legal experts’ opinions that Trump could lose the lawsuit, Paramount entered into settlement talks with Trump’s legal team in April. If the merger is approved, it would net Redstone a $2.4 billion payout for her family’s share.
The eight-month chaos has claimed multiple casualties at 60 Minutes and CBS News, including its beloved executive producer, Bill Owens, and CBS News and Stations President Wendy McMahon. Owens claimed he had lost journalistic independence over the program as Redstone tried to keep tabs on any negative stories involving Trump, according to Puck.
“Having defended this show—and what we stand for—from every angle, over time with everything I could, I am stepping aside so the show can move forward," Owens said in his resignation.
The pursuit of a settlement, and the loss of Owens, infuriated the show’s premier league of correspondents, which includes the likes of Lesley Stahl, Anderson Cooper, and Scott Pelley. The group of top journalists sent a letter to Paramount’s co-CEOs George Cheeks, Brian Robbins, and Chris McCarthy, and warned them that a settlement would risk damaging the show’s reputation, according to Status News.
