Paramount has agreed to pay a $16 million settlement to President Donald Trump over the editing of a 60 Minutes interview the President appeared in last October.
Paramount Global co-CEO George Cheeks has now explained why his company chose to settle the case, despite multiple assertions that they could have challenged Trump’s claims.
Cheeks told reporters, “Companies often settle litigation to avoid the high… unpredictable cost of legal defense, the risk of an adverse judgement that can result in significant financial, as well as reputational, damage. And, the disruption of business operations that prolonged legal battles can cause.”
“Settlement offers a negotiated resolution that allows companies to focus on their core objectives, rather than being mired in uncertainty and distraction.”
Veteran CBS journalist Dan Rather slammed Paramount’s decision to settle, saying, “It’s a sad day for 60 Minutes and CBS News… I hope people will read the details of this and understand what it was. It was distortion by the president and a kneeling down and saying, ‘yes, sir,’ by billionaire corporate owners.”
The case stated that Trump had suffered “mental anguish” over the editing of the interview by CBS News.
Before the settlement, Paramount and CBS rejected his claim, calling Trump’s case “completely without merit,” and attempted to have it dismissed, even as they engaged in settlement negotiations.
Paramount’s settlement coincides with its preparations for an $8 billion merger with Skydance Media, pending approval from the US Federal Communications Commission.
Paramount stated that the funds will be allocated to Trump’s future presidential library rather than directly to the President. The company also specified that the settlement did not include an apology.
By CEO NA Editorial Staff