The morning after Paramount Global agreed to a $16 million payout to settle Donald Trump’s lawsuit against CBS and 60 Minutes, co-CEO George Cheeks stepped up to defend the move at the company’s annual shareholder meeting.
In a brief Q&A, one stockholder asked what drove the company’s decision to settle.
“Yes, the company has agreed in principle to settle the lawsuit, and as reported, it does not include an apology,” said Cheeks. “Now 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,” he added.
The settlement “offers a negotiated resolution that allows companies to focus on their core objectives rather than being mired in uncertainty and distraction, and we issued a statement last night that reflects the agreed terms.”
Trump sued CBS News and its parent company, Paramount, for $20 billion over the editing of the interview last fall with former Vice President Kamala Harris, Trump’s opponent in the presidential election.
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