Latest news with #GeorgeCheeks
Yahoo
09-07-2025
- Business
- Yahoo
Paramount-Skydance Merger Extension Kicks In as Trump Lawsuit Clears
The clock restarted Monday on the Paramount-Skydance merger, with a second 90-day extension now in effect. That gives both sides and the FCC until early October to finalize the $8 billion-plus deal that would shift CBS and its broadcast licenses under Skydance's control. Warning! GuruFocus has detected 7 Warning Signs with PARA. The timing follows a key development: Paramount (PARA, Financials) agreed to a $16 million settlement with Donald Trump, ending a year-long lawsuit over how 60 Minutes edited an interview with Kamala Harris. Trump initially sued for $20 billion; the case later morphed into a broader commercial dispute after his 2024 election win. While the case was considered weak, Paramount decided to settle. Co-CEO George Cheeks told shareholders it was about avoiding drawn-out litigation and keeping the focus on business. The settlement covers Trump's legal fees and includes a donation to his presidential library but no apology or admission of wrongdoing. The FCC still needs to approve the transfer of CBS licenses to David Ellison's Skydance. That process is expected to move more smoothly now that the Trump suit is out of the way one less political roadblock in a deal that's already taken over a year to structure. Paramount's controlling shareholder, Shari Redstone, had been eager to resolve the dispute and move forward. For now, the merger remains in motion; the finish line may finally be in sight. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
09-07-2025
- Business
- Yahoo
Paramount-Skydance Merger Extension Kicks In as Trump Lawsuit Clears
The clock restarted Monday on the Paramount-Skydance merger, with a second 90-day extension now in effect. That gives both sides and the FCC until early October to finalize the $8 billion-plus deal that would shift CBS and its broadcast licenses under Skydance's control. Warning! GuruFocus has detected 7 Warning Signs with PARA. The timing follows a key development: Paramount (PARA, Financials) agreed to a $16 million settlement with Donald Trump, ending a year-long lawsuit over how 60 Minutes edited an interview with Kamala Harris. Trump initially sued for $20 billion; the case later morphed into a broader commercial dispute after his 2024 election win. While the case was considered weak, Paramount decided to settle. Co-CEO George Cheeks told shareholders it was about avoiding drawn-out litigation and keeping the focus on business. The settlement covers Trump's legal fees and includes a donation to his presidential library but no apology or admission of wrongdoing. The FCC still needs to approve the transfer of CBS licenses to David Ellison's Skydance. That process is expected to move more smoothly now that the Trump suit is out of the way one less political roadblock in a deal that's already taken over a year to structure. Paramount's controlling shareholder, Shari Redstone, had been eager to resolve the dispute and move forward. For now, the merger remains in motion; the finish line may finally be in sight. This article first appeared on GuruFocus. 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
Yahoo
03-07-2025
- Entertainment
- Yahoo
Inside CBS News, Staffers Voice Disgust, Anger, Relief and Anxiety After Trump Settlement
The midnight settlement between Paramount Global and President Donald Trump was greeted by CBS News employees with what one called a reaction of 'disgust and relief.' Disgust, because universally within CBS News and at 60 Minutes, the lawsuit (which was about the editing of an interview the program conducted with former Vice President Kamala Harris) was perceived as baseless, and a multimillion-dollar settlement cut by corporate executives is seen as unwarranted. Relief because the months-long melodrama over the suit appears to be over (though there are still some big loose ends that need to be tied). More from The Hollywood Reporter Paramount Settles Lawsuit With Trump Over Kamala Harris '60 Minutes' Interview for $16 Million Paramount and Trump in "Advanced" Settlement Talks As Merger Deadline Nears '60 Minutes' Correspondents Sent a Letter to George Cheeks Demanding He Name Tanya Simon EP Perhaps most importantly, there is what sounds like widespread relief that CBS or the program will not be forced to apologize for something that they do not believe warrants an apology. Or as Paramount co-CEO George Cheeks emphasized at the company's shareholder meeting Wednesday morning: 'Yes, the company has agreed in principle to settle the lawsuit, and as reported, it does not include an apology.' CBS News chief Tom Cibrowski also emphasized that there is no apology on an editorial call with staff Wednesday morning, and thanked employees for tuning out the noise as they did their jobs. If there was going to be a revolt at 60 Minutes, as some insiders feared, a forced apology could have been a tipping point. The agreement to release full transcripts of future interviews with presidential candidates is not perceived to be nearly as troubling as anything that insinuated that the show made a mistake with how it handled the Harris interview. Nonetheless, the settlement 'threatens journalists' ability to do their job reporting on powerful public figures,' the Writers Guild of America East said in a statement Wednesday. The WGAE represents many staffers on 60 Minutes. So, why settle? 'Look, companies often settle litigation to avoid the high and somewhat unpredictable cost of legal defense, the risk of an adverse judgment that could result in significant financial as well as reputational damage, and the disruption to business operations that prolonged legal battles can cause,' Cheeks said. 'A settlement offers a negotiated resolution that allows companies to focus on their core objectives, rather than being mired in uncertainty and distraction.' And yet there remain unanswered questions, two big ones, specifically: succession at 60 Minutes, and fear about the future of CBS News. Who will succeed Bill Owens? The show's venerable former executive producer resigned in April as corporate executives sought to assert more control over the newsmagazine, which has long operated with a degree of independence from the rest of CBS News. Shortly after Owens resigned, all of the 60 Minutes correspondents sent a letter to Cheeks requesting that Tanya Simon, a longtime producer on the show and daughter of late correspondent Bob Simon, be named permanent EP. CBS has declined to name a permanent successor, and staff on the show are hoping that with the suit resolved Simon gets the nod, and if not, to understand why. Wendy McMahon, who had been leading CBS News and Stations, also resigned, telling staff that 'It's become clear that the company and I do not agree on the path forward.' Both Owens and McMahon are said to have opposed a settlement, but were also strongly opposed to any sort of apology. And staff are quietly dreading what changes new ownership could bring to the show, or to CBS News writ large. Photos of Skydance CEO and incoming Paramount CEO David Ellison sitting a few feet from Trump at a recent UFC event in New Jersey have been making the rounds in the newsroom at the CBS Broadcast Center on West 57th, and at the 60 Minutes offices across the street. 'I'm already beginning to think about mourning, grieving. But I'm holding out hope,' 60 Minutes correspondent Lesley Stahl told The New Yorker. 'I know there's going to be a settlement. I know there's going to be some money exchanged. I know that. And then we will hopefully still be around, turning a new page, and finding out what that new page is gonna look like.' Trump, in a press avail last month, told reporters, 'Ellison's great, he'll do a great job with it,' when asked about the looming Skydance takeover. While Ellison and Paramount's incoming president Jeff Shell have talked about CBS as a crown jewel asset, Shell has also been clear that it needs to be run more efficiently, and broadcast news divisions have long been loss leaders, defined by brand-defining credibility rather than profit-driven motives. On Wednesday morning, another veteran media executive joked that Trump's presidential library could be adding a 60 Minutes wing whenever it opens its doors. In addition to Paramount, Trump has settled other lawsuits with The Walt Disney Co. (over comments made by ABC News anchor George Stephanopoulos); tech giant Meta over suspensions on Instagram and Facebook after Jan. 6; and X, the platform owned by Elon Musk, over a suspension. Among the four companies, Trump has secured about $60 million earmarked for the museum, after legal fees. Best of The Hollywood Reporter How the Warner Brothers Got Their Film Business Started Meet the World Builders: Hollywood's Top Physical Production Executives of 2023 Men in Blazers, Hollywood's Favorite Soccer Podcast, Aims for a Global Empire
Yahoo
03-07-2025
- Business
- Yahoo
Paramount Settles Lawsuit With Trump Over Kamala Harris '60 Minutes' Interview for $16 Million
In a widely expected but still stunning decision, Paramount Global has agreed to pay $16 million to settle a lawsuit from President Trump, who sued over an October interview that 60 Minutes conducted with Kamala Harris. Under the deal, announced Tuesday evening, the money will go to Trump's presidential library. It involves an agreement from Paramount, which will not apologize as part of the settlement, to release 60 Minutes transcripts of interviews with presidential candidates after they've aired, according to a statement from the company. More from The Hollywood Reporter '60 Minutes' Correspondents Sent a Letter to George Cheeks Demanding He Name Tanya Simon EP Bill Moyers, Longtime PBS and CBS Journalist and Documentarian, Dies at 91 Trump, Paramount Global Are in "Active Settlement Discussions" Over '60 Minutes' Lawsuit By most legal observers' thinking, the lawsuit was destined for dismissal because of industry-wide norms related to editing interviews. But the deal provides a pathway to regulatory approval of Paramount's sink-or-swim merger with Skydance. At the Paramount shareholder meeting Wednesday morning, co-CEO George Cheeks addressed the settlement, telling attendees that 'yes, the company has agreed in principle to settle the lawsuit, and as reported, it does not include an apology. 'As to the why? Look, companies often settle litigation to avoid the high and somewhat unpredictable cost of legal defense, the risk of an adverse judgment that could result in significant financial as well as reputational damage, and the disruption to business operations that prolonged legal battles can cause,' Cheeks continued. 'A settlement offers a negotiated resolution that allows companies to focus on their core objectives, rather than being mired in uncertainty and distraction.' In a statement, the legal team for President Trump said that 'with this record settlement, President Donald J. Trump delivers another win for the American people as he, once again, holds the Fake News media accountable for their wrongdoing and deceit. 'CBS and Paramount Global realized the strength of this historic case and had no choice but to settle,' the statement continued. 'President Trump will always ensure that no one gets away with lying to the American People as he continues on his singular mission to Make America Great Again.' Trump's suit, filed in October, alleged that there was 'deceptive doctoring' in the interview, with clips of Harris being asked a question but delivering different answers in a preview clip and the final version, as well as the inclusion of a longer section of her response to a question about the conflict in the Middle East. CBS, consistent with practices in other newsrooms, maintained that it merely edited down Harris' reply for the final broadcast, and that she was answering the same question in both cases. According to sources, Paramount believes that the suit posed a threat to Skydance's deal to acquire the company, which requires regulatory approval, including the transfer of FCC licenses. FCC chairman Brendan Carr has said that the 60 Minutes interview would come up in the Commission's review of the deal. The FCC has since requested the full transcript and unedited footage of the interview. And clearly executives believe that the settlement boosts the chances of the government greenlighting the merger, though it's always possible that the FCC still takes a close look. Inside CBS News, rumors of the settlement sparked anger and resignation, given how common it is in the news business to edit down long interviews for time constraints. On April 22, longtime 60 Minutes executive producer Bill Owens abruptly announced his resignation, citing an inability to 'make independent decisions based on what was right' for the show. 'Our parent company, Paramount, is trying to complete a merger,' said correspondent Scott Pelley in the first episode of the newsmagazine after Owens' exit. 'The Trump administration must approve it. Paramount began to supervise our content in new ways. None of our stories has been blocked, but Bill felt he lost the independence that honest journalism requires.' And on May 19, CBS News and Stations chief Wendy McMahon also resigned, telling staff that 'the company and I do not agree on a path forward.' The decisions from Owens and McMahon sent shock waves throughout CBS News amid industry-wide concerns of the government's campaign against media over accusations of liberal bias. In December, ABC News settled for $16 million a defamation lawsuit brought by Trump in what was viewed as a major concession for the network. 60 Minutes correspondent Lesley Stahl told David Remnick on The New Yorker Radio Hour that the team of correspondents is already thinking about what comes next. 'I'm already beginning to think about mourning, grieving. But I'm holding out hope,' Stahl said. 'I know there's going to be a settlement. I know there's going to be some money exchanged. I know that. And then we will hopefully still be around, turning a new page, and finding out what that new page is gonna look like.' Stahl and her colleagues have already asked CBS leadership to make Tanya Simon Owens' successor, though no formal decision has been made as of now. The Writers Guild of America East, which reps 60 Minutes and CBS News staffers, criticized the deal and backed the journalists at the news outlets. 'This settlement is a transparent attempt to curry favors with an administration in the hopes it will allow Paramount Global and Skydance Media merger to be cleared for approval,' the WGAE stated. 'Paramount's decision to capitulate to Trump threatens journalists' ability to do their job reporting on powerful public figures.' The arguments outlined in Trump's lawsuit, which didn't allege defamation and also named Rep. Ronny Jackson as a plaintiff, marked a new road map for the president and his legal team to chill free speech by weaponizing the courts. The complaint advanced a claim over an alleged violation of Texas' consumer protection law covering deceptive advertising grounded in the premise that the network's segment with Harris misled the public. It's a way to bypass the legal barriers to asserting defamation. He brought a similar claim in December in a lawsuit against pollster J. Ann Selzer, The Des Moines Register and Gannett, the newspaper's parent company, for 'brazen election interference' over releasing a poll showing Harris leading in Iowa, which Trump won. CBS argued that its editorial judgments are 'non-commercial speech that lies wholly outside the scope' of Texas consumer protection laws. It also said that Trump should have brought the lawsuit in a federal court in New York and not Texas, where judges are more receptive to conservative legal causes. Trump's picks at various regulatory agencies have emerged as another tool in his arsenal to steer networks away from coverage critical of him and his administration. Carr has threatened to revoke broadcast licenses for stations owned by networks that have drawn Trump's ire under the agency's authority to ensure that public airwaves operate in the public interest. It's a long shot considering there aren't any TV station licenses up for renewal until 2028 — and pulling one in the middle of a term is essentially unheard of — but long-term incentives to stay out of Trump's crosshairs by toning down adversarial coverage persist. 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Washington Post
02-07-2025
- Business
- Washington Post
How Trump's media war brought Paramount to its knees
The breaking point came on a Saturday night in the middle of May. CBS President George Cheeks called news division chief Wendy McMahon with a suggestion: 'It's probably time.' Two days later, McMahon announced her departure. The forced resignation marked a turning point: The network of Edward R. Murrow, which stood against McCarthyism and once defined American broadcast journalism, was bending to a corporate owner seeking approval for a lucrative merger.
