Trump, Paramount Reach $16M Settlement In ‘60 Minutes’ Lawsuit — Retail Braces For Stock Gains

Media conglomerate Paramount Global (PARA), which owns CBS, announced a $16 million settlement agreement pursuant to a lawsuit filed by President Donald Trump over the airing of two versions of an October “60 Minutes” interview with Kamala Harris, who was running for president at the time.

A preview of the interview, released ahead of its airing, carried Harris’s take on the U.S.-Israel relationship. However, the response that was part of the episode that aired was found to be edited. 

Following the anomaly, Trump withdrew from his “60 Minutes” interview.

Trump’s lawsuit alleged election interference, claiming Harris’s response was “doctored to confuse, deceive, and mislead the American People.” 

CBS’s response to the allegation was that it typically edits an interview to be “clear, accurate, and on point.”

“The portion of her answer on 60 Minutes was more succinct, which allows time for other subjects in a wide-ranging 21-minute-long segment.”

The settlement amount announced early Wednesday included plaintiff fees and was significantly less than the $20 billion demanded by Trump, according to a Bloomberg report. The president won’t receive any payment directly, but the money, excluding attorney fees, will go to the future presidential library.

While Paramount did not issue an outright apology, it agreed to release transcripts of presidential candidate interviews going forward.

The lawsuit filed in October went into mediation in April. 

The settlement comes even as Paramount awaits the completion of its $8.4 billion merger with Skydance Media, which would require approval from the Federal Trade Commission (FTC).

On Stocktwits, retail sentiment toward Paramount stock stayed ‘bullish’ by late Tuesday, although the reading didn’t capture the post-settlement mood. The message volume on the stream was ‘high.’

A watcher noted the development and flagged his sentiment as “bullish.”

Another user mulled over the stock move. “$PARA what’s next? $15 or $10?” they asked.

The settlement agreement was similar to the one made between Trump and Disney-owned ABC News in December in the defamation lawsuit filed by the former against the network and anchor George Stephanopoulos.

In January, Meta announced a $25 million payment to settle a lawsuit brought by Trump over his expulsion from the flagship Facebook app following the Jan. 6, 2021, Capitol Hill insurrection. 

Paramount stock settled Tuesday’s session up 2.02% at $13.16, and it has gained about 27% year-to-date.

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