Politics
How Paramount's $16-million Trump settlement came together — and could've fallen apart
By early spring, Paramount Global was in crisis. President Trump wouldn’t budge from his demand for an eye-popping sum of money and an apology from the company to settle his lawsuit over a CBS News “60 Minutes” interview with Kamala Harris. Journalists at the storied broadcaster were in revolt against the parent company.
Meanwhile, Paramount’s board faced withering pressure, with a settlement widely seen as a prerequisite for getting government approval for the company’s $8-billion sale to David Ellison’s Skydance Media, or the deal would collapse.
Then a new emergency erupted.
On May 4, CBS aired a hard-hitting “60 Minutes” segment that took aim at Trump’s targeting of law firms. Correspondent Scott Pelley anchored the report, which relied heavily on an interview with a leading Trump irritant — former top Hillary Clinton advisor Marc Elias.
Trump was furious. He threatened Paramount with an additional lawsuit alleging defamation, according to people close to the situation who were not authorized to comment.
The behind-the-scenes drama eventually would culminate with Paramount agreeing to pay $16 million to end the president’s battle over edits to October’s Harris interview, which Trump alleged was manipulated to boost the then-vice president’s election chances. Trump’s suit had demanded $20 billion in damages.
The deal resulted from months of back-and-forth among a constellation of power players with competing interests: the president, mogul Shari Redstone, tech billionaire Larry Ellison and his son David, Hollywood super agent Ari Emanuel, CBS News’ ousted leader Wendy McMahon and Jeff Shell, a former NBCUniversal chief now with RedBird Capital Partners, which backs Ellison’s Skydance.
The settlement, which the president approved late Tuesday, included a commitment by Trump to drop his claims and not sue over the May “60 Minutes” broadcast, according to sources and a Paramount statement.
Paramount said it agreed to pay Trump’s legal fees. The remainder of the $16-million settlement will go toward his future presidential library.
“Larry Ellison is a friend of mine. He’s a great guy,” Trump told reporters following a Thursday night rally in Iowa. “I think he’s going to run CBS really well, and I think he’s making a good deal to buy it.”
The beleaguered company behind “Mission: Impossible” and “Yellowstone” mustered victories during the negotiations, withstanding the Trump team’s earlier demand for a $100-million payout, the knowledgeable sources said.
The company also refused to apologize for CBS’ reporting or edits, a stance to protect its journalistic ethics and 1st Amendment rights.
“This settlement allows Paramount to focus on its prospective sale, and CBS can maintain its principles,” said C. Kerry Fields, a business law professor at the USC Marshall School. “But principle has its price, and there certainly was one set here.”
The eight-month skirmish with Trump shined a harsh light on Paramount’s vulnerabilities — and deep divisions within the company and its prospective new owners.
Paramount had a narrow window to reach a truce. The company wanted to finalize the settlement before Wednesday, when Paramount held its annual shareholder meeting and three new members joined the board.
“This [settlement] was all about survival — it was that dark,” Fields said. “Paramount has to execute the sale to Skydance in order to survive.”
At first, Paramount’s sale to the Ellison family seemed like a sure bet. Larry Ellison, co-founder of Oracle Corp., is close to Trump and his company is a possible buyer for TikTok, another deal of interest to the president. The landmark Paramount-Skydance deal, struck a year ago, could reshape one of Hollywood’s original studios and the entertainment landscape.
Redstone and her family agreed to part with their entertainment holdings, National Amusements Inc., and controlling Paramount shares. The family’s shaky finances were a catalyst for the sale. Redstone has borrowed heavily to meet debt obligations, including a $186-million term loan from Larry Ellison last year. The family is waiting for the cash from the sale of Paramount and National Amusements to the Ellisons and RedBird, a private equity firm.
But an unexpected misstep altered the deal’s course.
Last fall, “60 Minutes” invited Trump and Harris to participate in preelection interviews. Trump agreed, then backed out. CBS News went forward with a Harris sit-down.
Former Vice President Kamala Harris talks to “60 Minutes” correspondent Bill Whitaker.
(CBS News)
Correspondent Bill Whitaker asked Harris about the Biden administration’s rocky relations with Israel’s prime minister. Producers used different portions of her answer on two programs: a convoluted response on CBS’ Sunday morning show “Face the Nation,” and a more succinct part on “60 Minutes.”
Trump and his supporters zeroed in on the discrepancy. They accused CBS of doctoring the interview. CBS News denied the allegation, saying the edits were routine.
Days before the election, Trump sued in Amarillo, Texas, ensuring the case would be overseen by a Trump-appointed judge.
His lawsuit alleged the “60 Minutes” edits amounted to election interference — “malicious, deceptive, and substantial news distortion calculated to confuse, deceive, and mislead the public,” in the suit’s words.
President Donald Trump in the Oval Office.
(Bloomberg)
1st Amendment experts said the case had no merit; some figured it was a campaign stunt.
Days later, Shell, the RedBird executive who will become Paramount’s president should Skydance take over, held a conference call with top CBS executives. Shell suggested “60 Minutes” release the full Harris interview transcript in a bid for transparency, according to people familiar with the matter.
News executives refused, drawing a clear division between some high-level Paramount executives and Ellison’s team.
Those Paramount executives have bristled over Shell’s involvement, including a comment he reportedly made to McMahon late last year, stating the company eventually would have to settle. Skydance has said it has an agreement with Paramount that gives Ellison and Shell the ability to give input on key business issues — even before acquiring Paramount.
A spokesperson for Shell declined to comment.
The role of Shell, ousted from his previous role running NBCUniversal after acknowledging an inappropriate relationship with an underling, has been controversial. Representatives for the creators of “South Park” have accused him of overstepping his authority and meddling with a protracted negotiation over their overall deal and streaming rights to the long-running cartoon. A representative for Shell denied that accusation.
Trump had scored previous victories over media organizations. In December, the Walt Disney Co. agreed to pay him $16 million, including $1 million for his attorney fees, to end a dispute stemming from ABC anchor George Stephanopoulos’ inaccurate description of Trump’s liability in a civil court case. Press advocates howled.
Paramount held firm. But it failed to get Trump’s case dismissed or moved to a court in New York, where CBS and “60 Minutes” are based.
So the company was in a box. Its sale to Skydance requires the approval of the Federal Communications Commission to transfer CBS TV station licenses to the Ellisons, and that consent has been elusive.
In one of his first moves as FCC chairman, Trump appointee Brendan Carr launched an inquiry into whether CBS’ edits of the Harris interview rose to the level of news distortion — the crux of Trump’s lawsuit.
In February, Carr demanded CBS release a raw transcript of the Harris interview and the unedited footage. CBS complied; the material showed Harris had been accurately quoted.
The Texas judge ordered Paramount and Trump’s lawyers into mediation. Talks began April 30.
That weekend, “60 Minutes” ran its report on Trump and the law firms, riling Redstone and others. The Trump team and Paramount were already far apart, the sources said.
Soon, CBS News and Stations President Wendy McMahon was forced out. Knowledgeable sources attributed her departure to months of strife and persistent criticism from Redstone, who serves as Paramount’s chair. McMahon also made missteps, including overseeing an unsuccessful reboot of “CBS Evening News.”
Her exit followed that of Bill Owens, the longtime executive producer of “60 Minutes,” who fought efforts to settle.
The day McMahon was ousted, left-leaning U.S. Sens. Elizabeth Warren (D-Mass.), Bernie Sanders (I-Vt.) and Ron Wyden (D-Ore.) lobbed a salvo at Redstone. In a May 19 letter, they warned that Paramount board members risked possible bribery charges if they paid Trump to settle the lawsuit as a way to win FCC approval for the Skydance deal.
By early June, Redstone and the Ellison team were getting restless.
Emanuel, the agent, stepped in to help get the dealmaking back on track, people familiar with the matter said. Emanuel is Trump’s former talent agent and one of Ellison’s closest allies.
On June 7, Ellison met briefly with Trump at a UFC event in New Jersey. Emanuel is executive chairman of the WME Group and chief executive of UFC’s parent company, TKO.
According to a source, Emanuel associate Dana White, the Trump-supporting UFC chief executive, helped facilitate the Ellison meeting with the president, which occurred steps away from the fighters’ octagon.
People close to Ellison and Emanuel declined to discuss Ellison’s interactions with the president. Representatives of Skydance, Redstone and Emanuel declined to comment for this story.
Finally, a breakthrough came when Trump offered support for Ellison and the Skydance deal, though he continued to blast Harris and CBS News.
“Ellison is great,” Trump said from the White House lawn on June 18. “He’ll do a great job with it.” Late Thursday, Trump called David Ellison “a fantastic young man.”
Meanwhile, the clock was ticking. Redstone and others wanted the board to handle the settlement before the shareholder meeting, when one director stepped down, and three new members joined the board.
Redstone recused herself from voting but made her wishes known.
The settlement was finally reached about 10 hours before the Paramount board switched.
One person close to the legal effort said the agreement “got over the finish line” due to a sweetener for Trump. His team anticipates that Paramount networks eventually will run millions of dollars worth of free commercials, or public service announcements, in support of Trump causes, including combating antisemitism and increasing border security.
Trump also referenced the alleged side deal.
“We did a deal for about $16 million plus $16 million — or maybe more than that in advertising,” Trump said. “So [the settlement] is like $32- to maybe $35 million.”
Paramount said it agreed to a $16-million settlement. .
“Paramount’s settlement with President Trump does not include PSAs,” the company said in a statement. “Paramount has no knowledge of any promises or commitments made to President Trump other than those set forth in the settlement proposed by the mediator and accepted by the parties.”
Skydance declined to comment. Emanuel did not respond to messages.
The settlement does contain another provision championed by Trump.“60 Minutes” will release transcripts of interviews with eligible U.S. presidential candidates after those interviews air, “subject to redactions as required for legal or national security concerns,” Paramount said.
1st Amendment advocates were disheartened by the deal. So were Trump’s enemies, including the senators who had vowed to investigate the deal for bribery.
Paramount’s move to “settle a bogus lawsuit with President Trump over a “60 Minutes” report he did not like is an extremely dangerous precedent,” Sanders, the U.S. senator, said in a statement. “Paramount’s decision will only embolden Trump to continue attacking, suing and intimidating the media.”
Politics
Bill and Hillary Clinton’s Stance on Epstein Testimony Oct. 6
t, gerrymandering, and emocratic areas to vote.
) two Senate seats, thanks to e victory was enough to save Senator John McCain’s deci- ope for 2020. I was especially in South Florida over a GOP of good work as president of rt campaign.
as Vegas to see former Senate 1o was battling cancer but still to fight on as long as he had lid two long sessions with the out Hillary. It was both exhila- out her and painful because I nd the problems as well as the Hillary was streamed on Hulu g her life and work. But it hurt ney wished America had seen She was there all the time, but view of them is blocked by
a film on the late King Hussein esperately ill with cancer, came lenge the Palestinians to make also weighed in, diplomatically, ying in a press conference that with nine U.S. presidents and as much for peace as I had, and ish the job. With his life ebbing him. Soon I would be marching 1. He was a brave, good man, and d by his son Abdullah, who along Palestinian by birth, have contin- peace and fairness in the Middle in CGI, and have been uncom- Hillary and me.
Page 373, Citizen, by William Jefferson Clinton (2024)
2017-2020: Back to the Foundation
373
Throughout 2018 and 2019, the Miami Herald had been pub- lishing stories about the financier Jeffrey Epstein, who in 2008 had been convicted and jailed in Florida for sex crimes. In part because of that rigorous journalism, Epstein was arrested again in 2019 for those and other crimes, this time by federal authori- ties in New York. The Herald stories and his rearrest raised questions about several well-known people’s connection to him, including me. They deserved answers and I gave them. In 2002 and 2003, he invited me to fly on his airplane to support the work of the foundation, and in return for flying me, my staff, and my Secret Service detail who always accompanied me, Epstein asked only that I take an hour or two on each trip to discuss politics and economics. He had just donated $10 million to Har- vard for brain research and he asked a lot of questions. That was the extent of our conversations. My only other interactions with Epstein were two brief meetings, one at my office in Harlem and another at his house in New York.
I had always thought Epstein was odd but had no inkling of the crimes he was committing. He hurt a lot of people, but I knew nothing about it and by the time he was first arrested in 2005, I had stopped contact with him. I’ve never visited his island. When it was suggested that I traveled there without my round- the-clock Secret Service detail, which would explain why there’s never been a record of me being there, in 2016 the Service took the extraordinary step of saying I had never waived protection and they had never been there. Another person reportedly said she’d seen me on the island, but that I didn’t do anything wrong. However, in early 2024, unsealed depositions showed that she’d only heard I was there but didn’t actually see me. Then there was one of my former staffers who fed the story to Vanity Fair. He knew it wasn’t true when he said it.
The bottom line is, even though it allowed me to visit the work of my foundation, traveling on Epstein’s plane was not worth the years of questioning afterward. I wish I had never met him.
In May, I went to the University of Virginia, founded by Thomas Jefferson, to address a symposium on the presidency. I worked
11/2024
Politics
Small Business Administration unveils new initiative to roll back federal regulations
NEWYou can now listen to Fox News articles!
FIRST ON FOX: Seeking to tackle persistent cost pressures on American families and small firms, the Small Business Administration (SBA) is unveiling a new initiative that will review and roll back federal rules the administration says have driven up prices in sectors ranging from housing to food production.
The Deregulation Strike Force, led by the SBA’s Office of Advocacy, will coordinate a government-wide review aimed at identifying regulations that hinder economic growth.
FROM MORTGAGES TO CAR LOANS: AFFORDABILITY RISES AND FALLS WITH THE FED
SBA Administrator Kelly Loeffler will oversee the new initiative aimed at cutting regulations in order to relieve prices. (Kent Nishimura/Bloomberg via Getty Images)
Trump administration officials say the effort is intended to eliminate what they describe as excessive Biden-era regulations that have imposed an estimated $6 trillion in cumulative compliance costs on American families and small businesses.
“Bidenomics brought historic new highs in inflation that crushed working families and small businesses, driven in part by the massive bureaucracy that heaped trillions in new federal regulations onto the backs of hardworking Americans,” SBA Administrator Kelly Loeffler wrote in a statement.
TRUMP INSISTS PRICES ARE ‘COMING DOWN,’ BLAMES BIDEN — BUT VOTERS SAY THEY’RE STILL GETTING SQUEEZED
“Through our Deregulation Strike Force, SBA is leveraging its unique authority to deregulate across the federal government and cut senseless red tape that drove up costs for small businesses and consumers, especially in industries hit hardest by Bidenflation,” Loeffler said, adding that the initiative will build on President Trump’s push to reduce costs across the country.
A customer holds a shopping basket at a grocery store. (Brent Lewin/Bloomberg via Getty Images)
Citing what it describes as four years of excessive regulatory overreach, the SBA said its strike force will target cuts across key small-business sectors, including housing and construction, healthcare, agriculture and food production, energy and utilities, transportation and other goods and services across the supply chain.
They also argue the latest deregulation campaign reinforces President Donald Trump’s economic message heading into the new year, positioning regulatory relief as a central tool for tackling high prices.
President Donald Trump speaks on inflation at Mount Airy Casino Resort in Mount Pocono, Pennsylvania, U.S., on Tuesday, Dec. 9, 2025. (Adam Gray/Bloomberg/Getty Images)
The SBA said it has already played a key role in eliminating an estimated $98.9 billion in federal regulations since Trump’s return to office.
Some of these actions include changes to reporting rules, energy-efficiency standards and diesel exhaust fluid requirements, which the agency says have contributed to nearly $200 billion in total regulatory savings.
Politics
California’s role in shaping the fate of the Democratic Party and combating Trump on full display
California’s potential to lead a national Democratic comeback was on full display as party leaders from across the country recently gathered in downtown Los Angeles.
But is the party ready to bet on the Golden State?
Appearances at the Democratic National Committee meeting by the state’s most prominent Democrats, former Vice President Kamala Harris and Gov. Gavin Newsom, crystallized the peril and promise of California’s appeal. Harris failed to beat a politically wounded Donald Trump in the 2024 presidential race and Newsom, now among President Trump’s most celebrated critics, is considered a top Democratic contender to replace the Republican president in the White House in 2028.
California policies on divisive issues such as providing expanded access to government-sponsored healthcare, aiding undocumented immigrants and supporting LGBTQ+ rights continually serve as a Rorschach test for the nation’s polarized electorate, providing comfort to progressives and ammunition for Republican attack ads.
“California is like your cool cousin that comes for the holidays who is intriguing and glamorous, but who might not fit in with the family year-round,” said Elizabeth Ashford, a veteran Democratic strategist who worked for former Govs. Jerry Brown and Arnold Schwarzenegger and Harris when she was the state’s attorney general.
Newsom, in particular, is quick to boast about California being home to the world’s fourth-largest economy, a billion-dollar agricultural industry and economic and cultural powerhouses in Hollywood and the Silicon Valley. Critics, Trump chief among them, paint the state as a dystopian hellhole — littered with homeless encampments and lawlessness, and plagued by high taxes and an even higher cost of living.
Only two Californians have been elected president, Republicans Ronald Reagan and Richard Nixon. But that was generations ago, and Harris and Newsom are considering bids to end the decades-long drought in 2028. Both seized the moment by courting party leaders and activists during the three-day winter meeting of the Democratic National Committee that ended Saturday.
Harris, speaking to committee members and guests Friday, said the party’s victories in state elections across the nation in November reflect voters’ agitation about the impacts of Trump’s policies, notably affordability and healthcare costs. But she argued that “both parties have failed to hold the public’s trust.”
“So as we plan for what comes after this administration, we cannot afford to be nostalgic for what was, in fact, a flawed status quo, and a system that failed so many of you,” said Harris, who was criticized after her presidential campaign for not focusing enough on kitchen table issues, including the increasing financial strains faced by Americans.
While Harris, who ruled out running for governor earlier this year, did not address whether she would make another bid for the White House in 2028, she argued that the party needed to be introspective about its future.
“We need to answer the question, what comes next for our party and our democracy, and in so doing, we must be honest that for so many, the American dream has become more of a myth than a reality,” she said.
Many of the party leaders who spoke at the gathering focused on California’s possible role in determining control of Congress after voters in November approved Proposition 50, a rare mid-decade redrawing of congressional districts in an effort to boost the number of Democrats in the state’s congressional delegation in the 2026 election.
Los Angeles Mayor Karen Bass rallied the crowd by reminding them that Democrats took back the U.S. House of Representatives during Trump’s first term and predicted the state would be critical in next year’s midterm elections.
Mayor Karen Bass speaks at the Democratic National Committee Winter Meeting at the InterContinental Hotel in downtown Los Angeles on Friday.
(Genaro Molina/Los Angeles Times)
Newsom, who championed Proposition 50, basked in that victory when he strode through the hotel’s corridors at the DNC meeting the day before, stopping every few feet to talk to committee members, shake their hands and take selfies.
“There’s just a sense of optimism here,” Newsom said.
Democratic candidates in New Jersey and Virginia also won races by a significant margin last month which, party leaders say, were all telltale signs of growing voter dissatisfaction with Trump and Washington’s Republican leadership.
“The party, more broadly, got their sea legs back, and they’re winning,” Newsom said. “And winning solves a lot of problems.”
Louisiana committee member Katie Darling teared up as she watched fellow Democrats flock to Newsom.
“He really is trying to bring people together during a very difficult time,” said Darling, who grew up in Sacramento in a Republican household. “He gets a lot of pushback for talking to and working with Republicans, but when he does that, I see him talking to my mom and dad who I love, who I vehemently disagree with politically. … I do think that we need to talk to each other to move the country forward.”
Gov. Gavin Newsom speaks as his wife Jennifer Siebel Newsom looks on during an election night gathering at the California Democratic Party headquarters on November 04, 2025 in Sacramento.
(Justin Sullivan / Getty Images)
Darling said she listens to Newsom’s podcast, where his choice of guests, including the late Charlie Kirk, and his comments on the show that transgender athletes taking part in women’s sports is “deeply unfair” have drawn outrage from some on the left.
Illinois Gov. J.B. Pritzker, another potential 2028 presidential candidate whose family has historically supported Newsom, was also reportedly on site Thursday, holding closed-door meetings. And former Transportation secretary Pete Buttigieg, also a possible White House contender, was in Los Angeles on Thursday, appearing on Jimmy Kimmel’s late-night show and holding meetings.
Corrin Rankin, chair of the California Republican Party, cast the DNC meetings in L.A. as “anti-Trump sessions” and pointed to the homeless encampments on Skid Row, just blocks from where committee members gathered.
“We need accountability and solutions that actually get people off the streets, make communities safer and life more affordable,” Rankin said.
Elected officials from across the nation are drawn to California because of its wellspring of wealthy political donors. The state was the largest source of contributions to the campaign committees of Trump and Harris during the 2024 presidential contest, contributing nearly a quarter of a billion dollars, according to the nonpartisan, nonprofit organization Open Secrets, which tracks electoral finances.
While the DNC gathering focused mostly on mundane internal business, the gathering of party leaders attracted liberal groups seeking to raise money and draw attention to their causes.
Actor Jane Fonda and comedian Nikki Glaser headlined an event aimed at increasing the minimum wage at the Three Clubs cocktail bar in Hollywood. California already has among the highest minimum wages in the nation; one of the organizers of the event is campaigning to increase the rate to $30 per hour in some California counties.
“The affordability crisis is pushing millions of Americans to the edge, and no democracy can survive when people who work full time cannot afford basic necessities,” Fonda said prior to the event. “Raising wages is one of the most powerful ways to give families stability and hope.”
But California’s liberal policies have been viewed as a liability for Democrats elsewhere, where issues such as transgender rights and providing healthcare for undocumented immigrants have not been warmly received by some blue-collar workers who once formed the party’s base.
Trump capitalized on that disconnect in the closing months of the 2024 presidential contest, when his campaign aired ads that highlighted Harris’ support of transgender rights, including taxpayer-funded gender-affirming surgery for inmates.
“Kamala is for they/them, President Trump is for you,” the commercial stated. The ad aired more than 30,000 times in swing states in the fall, notably during football games and NASCAR races.
“Kamala had 99 problems. California wasn’t one of them,” said John Podesta, a veteran Democratic strategist who served a senior advisor to former President Biden, counselor to former President Obama and White House chief of staff for former President Clinton.
He disputed the argument that California, whether through its policies or candidates, will impact Democrats’ chances, arguing there’s a broader disconnect between the party and its voters.
“This sense that Democrats lost touch with the middle class and the poor in favor of the cultural elite is a real problem,” said Podesta. “My shorthand is, we used to be the party of the factory floor, and now we’re the party of the faculty lounge. That’s not a California problem. It’s an elitist problem.”
While Podesta isn’t backing anyone yet in the 2028 presidential contest, he praised Newsom for his efforts to not only buck Trump but the “leftist extremists” in the Democratic party.
The narrative of Californians being out of touch with many Americans has been exacerbated this year during the state’s battles with the Trump administration over immigration, climate change, water and artificial intelligence policy. But Newsom and committee members argued that the state has been at the vanguard of where the nation will eventually head.
“I am very proud of California. It’s a state that’s not just about growth, it’s about inclusion,” the governor said, before ticking off a list of California initiatives, including low-priced insulin and higher minimum wages. “So much of the policy that’s coming out of the state of California promotes not just promise, but policy direction that I think is really important for the party.”
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