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Investing.com-- Paramount Global (NASDAQ:PARAA) agreed to pay President Donald Trump $16 million and make some editorial changes to settle a lawsuit over an edited “60 Minutes” interview aired by CBS News, the LA Times reported on Tuesday evening.
Under the terms of the deal, the money will go towards Trump’s legal fees and his future presidential library, the LA Times reported, citing a statement from Paramount.
The $16 million is a fraction of the $20 billion initially sought by Trump, who had sued CBS for allegations of defamation and manipulating interviews.
Trump had sued CBS and 60 Minutes in October, alleging that the network had deceptively edited an interview with then vice president Kamala Harris, who was running against Trump in the 2024 presidential elections.
The president had argued that CBS had favored Harris by editing the interview when it was aired. CBS had denied any wrongdoing.
Tuesday’s settlement includes an agreement by CBS’s 60 Minutes program to release transcripts of interviews with eligible U.S. presidential candidates after such interviews have aired.
Reports earlier on Tuesday showed Trump and Paramount were in advanced talks over a settlement.
Paramount Global– CBS’ owner– is seeking approval from the Federal Communications Commission for its long-running $8.4 billion merger with Skydance Media. Trump’s case threatened to potentially disrupt the merger, which was agreed to in 2024 after years of wrangling.
Paramount will hold its annual shareholder meeting on Wednesday.