CBS Settles with Trump for $16 Million
Charlie Hurt from Fox & Friends shared his thoughts on a significant settlement CBS agreed upon regarding a “60 Minutes” interview with Kamala Harris, who claims CBS News and Paramount had undue influence on the upcoming 2024 election.
Shari Redstone, a key figure at CBS and Paramount Global, expressed she was “blown away” by the terms of this “easy” settlement with former President Donald Trump. This settlement was crucial for paving the way for a major merger with Skydance Media.
Trump had criticized CBS for perceived election interference, filing a $20 billion lawsuit after they aired an edited interview with Harris last year. The dispute was settled in July, with Trump receiving $16 million to cover legal fees and contributions towards his presidential library or charitable causes.
This settlement also enabled the Federal Communications Commission (FCC) to approve a long-term merger between Paramount Global Media and Skydance Media, allowing Redstone, who controlled a significant portion of Paramount’s voting shares, to transition into the newly formed company.
Reports indicate that this controversial settlement has been viewed by some critics as a “quick fix” to gain FCC approval. Yet, Redstone seems optimistic and relieved the network avoided any obligation to issue an apology or admit wrongdoing. “I was blown away,” she told the press, “How did you do that? I don’t know, and I didn’t ask.”
Prior to settling with Trump, Redstone noted that ABC News had paid $15 million to Trump’s Presidential Library to resolve a similar lawsuit regarding misrepresentation claims. She believed this was a wise move for CBS, given the potential complexities of litigation against Trump.
Redstone and her close team were concerned about the challenges CBS might face in a Texas court, especially with the lengthy discovery process that could ensue. They opted for a settlement to avoid unnecessary complications.
There are ongoing discussions about further financial allocations for public service announcements and related content stemming from the merger, though Skydance hasn’t commented publicly on these matters. Still, some reports suggest Redstone expressed discontent about various issues arising from the deal.
The finalized agreement was announced on August 7th, establishing the new company, “Paramount of Skydance Corporation,” under the leadership of CEO David Ellison, son of Oracle co-founder Larry Ellison. “My legacy was to create security for my family and have a good company,” Redstone remarked.
