Paramount to pay $16 million in settlement with Trump over CBS News' '60 Minutes' interview
Paramount told media outlets the money will go to Trump's future presidential library, not to the president himself. It said the settlement did not involve an apology.
Trump's lawyer said the president had suffered 'mental anguish' over the editing of the interview by CBS News, while Paramount and CBS rejected his contention that it was edited to enhance how Harris sounded. They had sought to get Trump's lawsuit dismissed.
There was no immediate word from the White House about the settlement of the case, which Trump filed in Amarillo, Texas.
The case has been closely watched by advocates for press freedom and by journalists within CBS, whose lawyers called Trump's lawsuit 'completely without merit' and promised to vigorously fight it after it was filed.
In early February, '60 Minutes' released a full, unedited transcript of the interview.
Under the settlement reached with help of a mediator, Paramount agreed that 60 Minutes will release transcripts of future interviews of presidential candidates, 'subject to redactions as required for legal and national security concerns,' CBS News cited the statement as saying.
Trump, who did not agree to be interviewed by 60 Minutes during the campaign, protested editing where Harris is seen giving two different answers to a question by the show's Bill Whitaker in separate clips aired on 60 Minutes and 'Face the Nation' earlier in the day.
CBS said each reply came within Harris' long-winded answer to Whitaker, but was edited to be more succinct.
The president's lawyer, Edward Andrew Paltzik, said that caused confusion and 'mental anguish," misleading voters and causing them to pay less attention to Trump and his Truth Social platform.
Paramount and controlling shareholder Shari Redstone were seeking the settlement with Trump, whose administration must approve the company's proposed merger with Skydance Media.
CBS News President and CEO Wendy McMahon and 60 Minutes executive producer Bill Owens, who both opposed a settlement, have resigned in recent weeks.
The Freedom of the Press Foundation, a media advocacy group that says it is a Paramount shareholder, has said that it would file a lawsuit in protest if a settlement was reached.
In December, ABC News settled a defamation lawsuit by Trump over statements made by anchor George Stephanopoulos, agreeing to pay $15 million toward Trump's presidential library rather than engage in a public fight. Meta reportedly paid $25 million to settle Trump's lawsuit against the company over its decision to suspend his social media accounts following the Jan. 6, 2021, riot at the US Capitol.
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Mint
20 minutes ago
- Mint
Harvard is staring at a billion-dollar budget shortfall from its clash with Trump
Harvard University would face a budget shortfall of about a billion dollars a year if President Trump follows through on all of his plans and threats spanning research funding, tax policy and student enrollment, according to an analysis by The Wall Street Journal. That grim math helps explain why Harvard has taken steps toward negotiating with the administration after months of defiance. The Journal's estimate, based on publicly available data, is for a worst-case scenario in which Harvard loses all federal research funding, federal student aid and its ability to enroll international students, and Congress hikes its annual endowment tax to 8%. A sustained shortfall of that magnitude would severely strain Harvard's ability to manage its $6.4 billion annual operating budget. Though Harvard has a $53 billion endowment, more than 80% of the money is subject to donor restrictions, meaning it can't be touched to patch budget gaps without inviting lawsuits. 'They've got enough money to keep going for a while, but eventually they're going to have to make substantial cuts," said Robert Kelchen, a professor at the University of Tennessee, Knoxville, who studies education finance. 'You would change the future of the institution." The Trump administration has sought to make Harvard a poster child in its fight against institutions it says haven't taken concerns about antisemitism and diversity programs seriously. Harvard has said it is working to promote intellectual openness in the classroom and to enroll students willing to engage across perspectives. Talks between the two sides were under way as recently as mid-June, according to a social-media post by the president. The Trump administration on Monday told Harvard the university had violated federal civil-rights law over its treatment of Jewish and Israeli students, risking further funding. Asked about the pressure on Harvard's finances, a senior White House official said the school will receive no money 'until it ends its discriminatory and deeply embarrassing practices. The private sector is welcome to step in and support Harvard." The university said in a statement: 'Harvard has made significant strides to combat bigotry, hate and bias. We are not alone in confronting this challenge and recognize that this work is ongoing." Harvard has rejected Trump's demands for change and twice sued the administration, challenging the withdrawal of research funding and the ban on international students. A federal judge has halted the ban, a decision the Trump administration has said it would appeal. Lawmakers were working this week to complete comprehensive tax legislation that included the increase in the endowment levy. Trump has also asked the Internal Revenue Service to revoke the university's tax-exempt status, a move that could slow donations and slap the university with a costly property tax bill. Harvard President Alan Garber has told donors and others he is worried that the government's pullback from funding basic research jeopardizes Harvard's standing as a premier research institution globally. He has cited the Nature Index, a ranking of research entities in which Harvard places highly and many of the other top spots are held by Chinese institutions. The administration has already cut off multiyear grants for Harvard amounting to $700 million a year in research dollars. That money supports research on such topics as breast cancer, colon cancer, pediatric HIV, and limb regrowth following amputation, a Harvard official wrote in a June court filing. Harvard 'cannot cover the funding gap itself," he wrote. Harvard still has more financial levers to pull than many other schools, with around $3 billion in cash reserves and the ability to borrow more. The school often runs a budget surplus. Operating revenue in the 2024 fiscal year exceeded expenses by $45 million. The university borrowed $750 million in April to help cover budget gaps and has earmarked $250 million of its cash to fund affected research as a stopgap measure. Some of its schools and centers are seeking corporate funding. Meanwhile, Garber has been trying to drum up gifts to a new Presidential Priorities Fund to give the university 'flexibility to address pressing needs and fresh opportunities as they arise." The university has also set up a presidential fund for donors who want to support research at the school. 'I am grateful to everyone who stands with Harvard as we continue to pursue our mission," Garber wrote in a fundraising appeal in May. Some major donors have rallied, with the billionaire investor Len Blavatnik recently making a nearly $19 million gift to Harvard Medical School to fund life-sciences research, according to people familiar with the matter. Other big donors who paused giving after the Oct. 7, 2023, attacks led by Hamas on Israel have kept their distance, saying they want to see Harvard move faster to combat antisemitism or promote free expression on campus. The 1636 Forum, a group founded by two alumni, has been urging donors to keep giving to Harvard but specify where any contributions they make go. Another avenue open to Harvard is for its governing body, the Harvard Corporation, to approve a one-time increase in how much the school draws from the endowment, without touching restricted money. (In recent years, the endowment has funded more than a third of Harvard's annual operating budget.) The Trump administration's actions have already led Harvard to cut back. It has frozen new hires, and Harvard's Kennedy School of Government is laying off staff and shrinking department budgets. 'Harvard is peering over the precipice," said Ted Mitchell, president of the American Council on Education, a trade group for higher education. If the school's court battles against the Trump administration don't succeed, he said, 'Harvard and American education will suffer a severe, perhaps irreparable blow." Harvard's investment commitments to private equity, which includes venture capital and investments in fast-growing private companies, create other financial obligations. Private-markets fund managers can request hundreds of millions of dollars of previously committed cash from Harvard at any time. The school has agreed to hand over more than $12 billion over the next decade as investment opportunities emerge. Harvard's exposure to private-equity funds, which generally promise high returns but are less liquid than investments in stocks or bonds, grew to 39% in 2024 from 20% in 2019, according to the school's financial reports. Part of the increase was driven by the sector's blockbuster returns in 2021. Income from private-equity investments began slowing in 2022 as rates rose and the market for initial public offerings froze. Harvard has shrunk its footprint in other illiquid areas such as real estate and natural resources. The university has been willing to sell some of its private-equity holdings at a discount. Harvard this spring sold $1 billion in private-equity assets for 7% less than what its books said they were worth, according to people familiar with the matter, in a process that started last year. Its slate included stakes in managers Harvard doesn't currently plan to invest with, one of the people said. Even a decisive court victory can only go so far in protecting Harvard's federal funding, said Aziz Huq, a law professor at the University of Chicago. Trump might not have the legal authority to take away research dollars that already have been promised to Harvard. But going forward, his administration could simply not promise the money again. 'It's that threat that's looming," he said. Methodology: WSJ estimated the cost of an 8% tax on annual investment income by comparing it with the current endowment tax rate of 1.4%. The estimated $90 million potential loss in international student tuition was calculated by multiplying the number of undergraduates in 2024 coming from outside the U.S., who typically pay full costs, by last year's price of tuition, room and board. Also included in the loss estimate for college and graduate school is about $20 million in federal financial aid that is potentially at risk. Write to Heather Gillers at and Juliet Chung at
Time of India
27 minutes ago
- Time of India
New-age IPO frenzy; Hoping against H-1B hope
New-age IPO frenzy; Hoping against H-1B hope Want this newsletter delivered to your inbox? Also in the letter: Startups aim for over Rs 18,000 crore in IPO frenzy Leading the pack Long queue: Pine Labs and Groww are targeting Rs 2,600 crore and Rs 1,735 crore, respectively. Others, such as Boat, Wakefit, Capillary Technologies, and Urban Company, are planning smaller issues of under Rs 1,000 crore each. These figures exclude any offer-for-sale (OFS) component, which will increase the overall IPO size further. Rush hour: How it stacks up: In 2021-22, startups like Zomato (now Eternal), Paytm, Delhivery, Nykaa, and PB Fintech raised over Rs 25,000 crore in fresh capital. Zomato and Paytm alone brought in Rs 17,000 crore. The two years that followed saw a dip, with a string of sub-Rs 1,000 crore issues from the likes of Ixigo, Awfis, Blackbuck, MobiKwik, and Honasa Consumer. Also Read: Early Nykaa investor to sell stake in block deal Founders stay put: H-1B hopefuls brace for longer wait times, delays in Trump 2.0 Numberwise: 85,000 applicants made it through the H-1B lottery this March. In 2018, denial rates under the first Trump administration hit 15% overall—24% for new applications and 12% for renewals, according to Pew Research. During Biden's presidency, rejection rates fell sharply, dropping to just 3%, Pew noted. Between 2016 and 2020, H-1B processing times increased by 12-36 months, according to data from immigration platform Jeelani Law Firm. Imminent scrutiny: Workarounds and detours: Applications for the EB-5 investor visa have jumped 50% since January. There's also growing demand for L-1 and O-1 visas. The EB-2 NIW (National Interest Waiver), which allows highly qualified individuals working in areas of US national interest to stay and work in the country, is another option gaining traction. Also Read: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Venture capital funding inches up to $4.9 billion in H1 2025 VC favourites: Big ticket investments: Innovaccer: $275 million $275 million Meesho: $270 million $270 million Groww: $200 million $200 million Porter: $200 million 2025 unicorns: IPOs in line: Also Read: Other Top Stories By Our Reporters Micron shifts gears in AI era: IEA throws weight behind India's digital energy stack: Global Picks We Are Reading Happy Thursday! Startups are lining up to list in a reinvigorated public market. 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Close behind is edtech player PhysicsWallah , aiming for Rs 4,000 and bankers point to strong public market valuations and growing confidence among startups, many of which now see local listings as a viable Singh Banga, founder, The Caravel GroupHarindarpal Singh Banga, founder of the Hong Kong-based Caravel Group and an early investor in Nykaa, plans to sell a 2–2.5% stake in the company through a block deal worth $150 million (approximately Rs 1,200–1,300 crore), sources told the Nayar family, which founded Nykaa, still owns 52% and has not sold any shares since the company listed in November H-1B application window for this fiscal year has shut. Now begins the long wait—and possibly a tougher ride. Experts are already warning of higher rejection rates, slower processing and more paperwork under a Trump administration that is deeply sceptical of immigration.'We do expect to start seeing increased scrutiny of H-1B petitions eventually. Given what we saw during Trump's first term in office, and the administration's general scepticism of the positive impact of immigration, it is important to be prepared for what is very likely coming,' said immigration attorney Joel to the H-1B route are seeing a spike in noted that while this demand usually picks up after the H-1B lottery season, this year's surge also reflects a broader trend – more applicants are now actively looking to sidestep the scrutiny they anticipate Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship capital funding in Indian startups showed early signs of a rebound in the first half of 2025, with total deal value rising slightly to $4.95 billion across 410 deals, according to data analytics platform Venture a modest improvement on the same period last year, when startups raised around $4.54 billion from 418 deals. Ecommerce led the charge this year, pulling in $1.3 billion, followed by fintech with $1 billion. Enterprise software, deep tech, and health tech also attracted strong investor interest. India minted five unicorns in the first half of 2025— Netradyne BlueStone , and Jumbotail —compared to only six in the entire previous public markets are beginning to beckon again. Several startups have filed their draft red herring prospectuses (DRHPs) this year, lining up for new listings in the coming months. Expect to see Shadowfax Wakefit , and Curefoods on that Sadana, chief business officer, MicronMicron Technology is focusing on data centre and artificial intelligence (AI) opportunities in a shift from product-oriented to market segment-oriented business units, said its chief business officer Sumit International Energy Agency (IEA) is backing the India Energy Stack , a vital digital public infrastructure aimed at standardising and improving interoperability across the power sector, said the IEA executive director Fatih Birol.■ A group of young cybercriminals poses the 'most imminent threat' of cyberattacks right now ( Wired ■ Taiwan is creating an offshore wind industry to fuel its semiconductor factories ( Rest of World ■ Can the music industry make AI the next Napster? ( The Verge
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Business Standard
32 minutes ago
- Business Standard
Stock Market LIVE: GIFT Nifty flat; Asia mixed; S&P, Nasdaq hit new highs; Indogulf IPO listing eyed
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