On Wednesday, Paramount Global (NASDAQ:PARA) (NASDAQ:PARAA) agreed to pay $16 million to settle a lawsuit filed by President Donald Trump over a "60 Minutes" interview with then–Vice President Kamala Harris, but the company issued no apology or admission of wrongdoing.
What Happened: In a statement, Paramount said, "The settlement does not include a statement of apology or regret" and added that the $16 million would be directed to Trump's future presidential library, not paid to him "directly or indirectly," reported Reuters.
The lawsuit, originally filed in October, alleged that CBS deceptively edited two versions of the Harris interview to make her appear to give contradictory answers about the Israel-Hamas war, thereby favoring the Democratic Party during the election.
Trump initially sought $10 billion in damages, later increasing the claim to $20 billion. The complaint, filed in Texas, accused CBS of violating the Texas Deceptive Trade Practices Act, a law typically used in consumer cases.
The case entered mediation in April. CBS had previously called the lawsuit "completely without merit" and sought to have it dismissed.
Why It's Important: The settlement follows earlier settlements, including a $15 million payout from ABC News, owned by Walt Disney Co. (NYSE:DIS) and a $25 million settlement from Meta Platforms, Inc. (NASDAQ:META) over his account suspensions.
The timing also coincides with Paramount's pending $8.4 billion merger with Skydance Media, which requires FCC approval.
Price Action: As of this writing, Paramount's Class A shares were unchanged in after-hours trading at $22.70, while Class B shares slipped 0.08% to $13.15, according to Benzinga Pro data.
Benzinga's Edge Stock Rankings indicate that Paramount continues to show a steady upward trend over the short, medium and long term. However, despite its strong momentum, the stock's quality ranking remains relatively lower. Additional performance details can be found here.
Read Next:
Photo Courtesy: Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
