Paramount pays Trump $16 million to settle Harris lawsuit

Paramount has agreed to pay $16 million to settle a lawsuit filed by Donald Trump during the 2020 presidential campaign. The lawsuit was filed over a CBS interview with Kamala Harris, with Trump initially demanding $10 billion and an apology. Trump's attorney alleged that CBS edited the interview to "confuse, deceive and mislead the public," but legal experts called the lawsuit "frivolous and dangerous." Paramount said the $16 million would be allocated to Trump's future presidential library and not paid to him directly or indirectly. The settlement does not include a statement of apology or regret. The deal is controversial, as legal experts believed Paramount had a strong chance of prevailing in court and may have settled to smooth the path for its $2.4 billion Skydance merger. The Federal Communications Commission (FCC) reviewing the Skydance merger said its approval wasn't linked to Trump's lawsuit. However, some Paramount executives saw the complaint as an obstacle to completing the deal. Paramount has struggled financially after investing billions into its streaming service, Paramount+, which has yet to turn a profit. The company plans to rebuild its streaming technology while reducing costs and improving efficiency under new CEO David Ellison.