Paramount Agrees to Pay $16 Million to Settle Trump Lawsuit

KEY TAKEAWAYS

• Paramount Global has agreed in principle to pay President Donald Trump $16 million to settle his lawsuit over a CBS interview with former Vice President Kamala Harris, the media company said.
• 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 agreed in principle to pay President Donald Trump $16 million to settle his lawsuit over a CBS interview with former Vice President Kamala Harris, the media company said.

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.  

"The Company has 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 said.

Paramount's settlement will be paid to Trump’s future presidential library after deducting the president’s legal fees and costs, the company said Paramount's announcement of the settlement didn't include an apology.

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.

The White House didn't immediately respond to an Investopedia request for comment.

Paramount shares fell almost 1% in intraday trading Wednesday and are up by more than a quarter this year.

UPDATE—This article has been updated with the latest share price and Paramount's confirmation of the settlement.

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