Paramount Global - under terms of settlement, which were proposed by mediator, Paramount will pay $16M in total

Paramount Global - under terms of settlement, which were proposed by mediator, Paramount will pay $16M in total

Paramount Global has agreed to pay President Trump $16 million to resolve a lawsuit over edits to a "60 Minutes" interview. The settlement, proposed by a mediator, aims to clear a path for the company's sale to David Ellison's Skydance Media, which requires FCC approval.

Under the terms of the settlement, the $16 million will be allocated to Trump's future presidential library. Neither Trump nor Rep. Jackson will receive any direct payment. The settlement includes a release of all claims regarding CBS reporting through the date of the settlement, including the Texas action and the threatened defamation action. This move marks a significant step for Paramount, which has been navigating a complex legal battle and regulatory hurdles to finalize its sale to Skydance.

The settlement has drawn criticism from 1st Amendment experts, who argue that the lawsuit was frivolous and that the settlement is a form of extortion. However, Paramount's controlling shareholder, Shari Redstone, pushed for the settlement to facilitate the sale of Paramount and her family's holding firm to Skydance. The Redstone family controls 77% of Paramount voting shares and is juggling over $400 million in debt.

The settlement comes after months of mediation sessions and follows a lengthy legal battle. The controversy over the "60 Minutes" interview with Harris and Trump has had significant implications for CBS News and its legacy of fearless broadcast journalism. The unedited footage confirmed that Harris was accurately quoted, but Trump's team argued that the edits caused him "mental anguish."

The settlement also has political implications, with three Democrat U.S. senators warning Paramount that it could face allegations of bribery if it wrote a big check to mollify Trump in an effort to facilitate the FCC's review of the Skydance deal. The issue has become a pain point in Skydance's pursuit of FCC approval to take over the CBS licenses.

The settlement is a significant development in the ongoing saga between Paramount and the Trump administration, which has been a key factor in the company's sale to Skydance. The deal faces one last regulatory hurdle, as FCC Chairman Brendan Carr has opened an inquiry into whether the "60 Minutes" edits rose to the level of news distortion.

References:
[1] https://www.yahoo.com/news/paramount-agrees-pay-16-million-040151165.html