Trump claims he struck side deal with Skydance for additional $16 million in ‘60 Minutes' settlement
In a long-expected but still heavily denounced capitulation to the president, Paramount – which is finalizing an $8 billion mega-merger with Skydance that needs the Trump administration's approval – agreed to pay Trump's future presidential library $16 million (minus legal fees) to settle his lawsuit against CBS News that the network's own lawyers called 'meritless.'
While Paramount specified that the settlement didn't include any apology for the interview with Democratic nominee Kamala Harris at the center of the 'frivolous' complaint, nor was any money paid directly to the president, Fox Business correspondent Charles Gasparino soon reported that Skydance owner David Ellison – son of Trump-backing billionaire Larry Ellison – added a secret sweetener to the agreement.
According to Gasparino, the younger Ellison – who now expects to take over Paramount and CBS within the next few weeks – agreed to 'run between $15 million and $20 million of public service ads to promote causes supported by the president' once the merger is complete.
'Paramount knows nothing about the alleged side deal between Trump\Ellison, had absolutely nothing to do with it, nor was it a part of what the board approved, and the mediator sanctioned,' a spokesperson for Paramount said about the reportedly clandestine pact.
Of course, Paramount denying knowledge of the secret deal appears to be the entire point of the exercise – which allows the president an even bigger haul from a 'baseless' case that most legal experts said would likely get thrown out of court in the end.
Additionally, as Gasparino observed, Ellison's promise to Trump could help Paramount avoid allegations of bribery as the deal was made without their knowledge. Democratic lawmakers and free press advocates have already promised congressional hearings, criminal probes and civil lawsuits on behalf of shareholders.
Paramount executives had expressed concerns for months that any large settlement could place the company's board in legal peril for violating anti-bribery statutes, especially as chairwoman Shari Redstone – who was a driving force behind the settlement – looks to clear $2 billion with the merger.
Speaking to reporters early Friday morning following a speech at an Iowa rally, Trump was asked about the recent settlement with Paramount and CBS – and he effectively confirmed Gasparino's reporting.
'We did a deal for about $16 million plus $16 million, or maybe more than that, in advertising... It's like $32 to maybe $35 million,' the president boasted.
Trump also heaped praise on both Eillsons, gushing over his 'friend' Larry. 'I think he's going to run CBS really well, and I think he's making a good deal to buy it. I think he's great,' the president declared to the press pool before adding about David: 'He's got a son who's a fantastic young man too.'
At the same time, he insisted – much like Paramount and his hand-picked Federal Communications Commission chairman Brendan Carr, who will have final say on approving the merger – that the lawsuit settlement was completely unrelated to Skydance's pending acquisition of Paramount.
Meanwhile, a week before the settlement was announced, it was reported that David Ellison was bragging to his Hollywood friends that the lawsuit would be settled soon and struck an upbeat tone about the negotiations.
Despite the president's claim over the weekend, there are still some conflicting accounts about the handshake deal with the younger Ellison and whether it will be honored.
'The president's claim that the settlement is worth anything more than the announced $16 million figure is false, according to a source familiar with the situation,' Variety reported. 'Neither Paramount nor Skydance Media has agreed to grant free advertising airtime to Trump, the source said.'
Representatives for Skydance Media did not immediately respond to requests for comment.
Still, whether CBS will be running millions of dollars of pro-Trump ads or not after Skydance takes over, the fear within the newsroom – which has been roiled in turmoil for months over the Trump litigation and Paramount's surrender to the president – over the new corporate ownership is palpable.
'There is great fear about what comes next,' one CBS News staffer told CNN, a sentiment that was shared by network employees with The Independent.
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