Latest news with #ShariRedstone
Globe and Mail
16 hours ago
- Business
- Globe and Mail
Paramount Stock (NASDAQ:PARA) Notches Up as Trump Passes on First Settlement Offer
Well, things are getting tight at entertainment giant Paramount (PARA) as a new report from the Wall Street Journal revealed that Paramount made its opening offer to get President Trump to walk away from the lawsuit. The offer was for $15 million, and Trump has turned it down. The move had an unexpectedly positive effect on shareholders, though, who sent shares up fractionally in the closing minutes of Thursday's trading. Confident Investing Starts Here: The reports note that the offer is not exactly far off; Trump's team is apparently willing to settle for $25 million and an apology from CBS News, which given what we have heard out of CBS News and those watching so far, might be the toughest part to get. In fact, reports note that the Trump team is already looking to fire up a completely separate second lawsuit around 'bias of its news coverage.' The Trump team has until this Wednesday to respond. A mediation session was expected to carry on today, so we may well find out tomorrow if there is any further advancement of the suit. Moreover, Shari Redstone has already recused herself from negotiations with the Trump team, as concerns about a settlement being considered a bribe by insurance companies remains. Some legal analysts, however, are quite convinced that that cannot be the case. A Closer Look from the Trump Team Then, in perhaps the biggest surprise of all, word came out around the Trump team's response to the lawsuits, noting that the 60 Minutes interview with Kamala Harris caused the president 'mental anguish.' It also, apparently, caused that same mental anguish to a range of other consumers as well. Trump lawyers also asserted that '…the First Amendment is no shield to news distortion,' which attempts to address one of Paramount lawyers' primary defense vectors. Further, Paramount already attempted to protect against charges of news distortion by releasing an 'unedited transcript' of the Harris interview which, lawyers argued, proved the newscast '…was not doctored or deceitful.' Is Paramount Stock a Good Buy Right Now? Turning to Wall Street, analysts have a Hold consensus rating on PARA stock based on two Buys, seven Holds and four Sells assigned in the past three months, as indicated by the graphic below. After a 2.28% loss in its share price over the past year, the average PARA price target of $12.20 per share implies 0.33% upside potential. See more PARA analyst ratings Disclosure
Yahoo
17 hours ago
- Business
- Yahoo
‘60 Minutes' Staff Almost Quit ‘En Masse' Over Trump Suit
Lesley Stahl revealed that she and her fellow 60 Minutes correspondents came close to quitting 'en masse' after their boss left the show with a dire warning about Donald Trump. The 33-year 60 Minutes veteran admitted she was 'angry' with Paramount head Shari Redstone on the Friday episode of The New Yorker Radio Hour. 'It is a frivolous lawsuit,' Stahl said of Trump's $20 billion legal action against CBS News. When host and New Yorker editor David Reminick asked Stahl whether she was 'angry' with Redstone, Stahl admitted, 'Yes, I think I am. I think I am.' Stahl also offered a theory for why Trump pursued the lawsuit against CBS News, in which he is accusing 60 Minutes of 'deceptively editing' Harris' interview to make her look better, in the first place. 'What is really behind it, in a nutshell, is to chill us,' Stahl said. 'There aren't any damages. He accused us of editing Kamala Harris in a way to help her win the election. But he won the election.' Settling the lawsuit would pave the way for Paramount's planned merger with Skydance Media, which would reportedly result in a $530 million personal payout for Redstone—and has to be approved by Trump's FCC officials. Paramount offered Trump $15 million to settle the lawsuit this week, but the president turned it down, citing 'mental anguish' over the Harris interview. He now wants $25 million and an apology to put his complaint to rest. The attempt to settle with Trump over the interview, which staffers have insisted was edited according to its usual standards and was not politically motivated, has caused internal tension at the network, culminating in the shock exits of 60 Minutes executive producer Bill Owens and CBS News President Wendy McMahon. Stahl said Owens' resignation 'was one of those punches where you almost can't breathe,' calling Owens and McMahon 'barriers' between 'us and the corporation.' Those barriers were tested even before Trump's lawsuit, Stahl recalled Friday. As for what 60 Minutes will be like once out of Redstone's hands at Paramount, Stahl said she's 'Pollyannaish' that Skydance will 'hold the freedom of the press up as a beacon, that they understand the importance of allowing us to be independent and do our jobs.' 'I'm expecting that. I'm hoping that, I want that, I'm praying for that,' Stahl said. 'And I have no reason to think that won't happen.' Reminick asked Stahl to consider what happens if it doesn't, and what it would take for her to follow Owens and McMahon out of the CBS News door. 'It depends,' she said. 'You ask me where my line is. I'm not sure. I don't think I can express what it is, but there is a line. Of course there is a line.' Stahl said that Owens resigning was one of those 'lines' and she and her fellow correspondents actually considering quitting 'en masse.' But their outgoing boss talked them out of it. 'It is hard' to 'have a news organization told by a corporation, 'Do this, do that with your story, change this, change that. Don't run that piece,'' Stahl explained, recounting what it was like to 'quietly resist' Redstone's complaints about 60 Minutes' Gaza coverage. 'The message came down through the line, through Wendy McMahon to Bill,' Stahl said, which she found 'very disconcerting.' 'It steps on the First Amendment. It steps on the freedom of the press. It makes me question whether any corporation should own a news operation,' she continued.
Yahoo
3 days ago
- Business
- Yahoo
US senators warn Paramount's Shari Redstone that settling Trump's CBS lawsuit could be ‘bribery'
Paramount Global is facing fresh heat from Capitol Hill over its talks to settle a $20 billion defamation lawsuit brought by President Trump against CBS News — with three left-leaning US senators warning that a deal could potentially violate US anti-bribery laws. In a letter sent Tuesday night to Paramount Chair Shari Redstone, Sens. Elizabeth Warren (D-Mass.), Ron Wyden (D-Ore.) and Bernie Sanders (I-Vt.) warned that Paramount 'may be engaging in improper conduct involving the Trump administration in exchange for approval of its merger with Skydance Media.' The letter and its contents were first reported by the Wall Street Journal. The lawmakers are seeking detailed information about any concessions discussed with Trump, as well as any internal decisions to alter CBS programming — especially related to '60 Minutes,' the network's flagship investigative news show. The lawsuit stems from a 2024 '60 Minutes' interview with then-Vice President Kamala Harris, which Trump claims was deceptively edited to favor her during the campaign. CBS has vigorously denied the accusation, calling the suit 'completely without merit.' 'The American people deserve to know whether media companies are negotiating with public officials in ways that compromise journalistic independence,' the senators wrote. 'Such actions could amount to a violation of federal law.' The timing of the lawsuit is critical. Paramount is seeking regulatory clearance for its proposed $8 billion merger with Skydance Media. Redstone, chair of Paramount Global — CBS's parent company — stands to personally gain roughly $2 billion if the proposed merger with Skydance Media goes through. The Federal Communications Commission, which must approve the deal, is currently chaired by Trump appointee Brendan Carr, raising concerns within the company that the lawsuit could jeopardize the merger unless resolved. Paramount has denied any link between the litigation and the merger's approval process. When reached by The Post, a Paramount spokesperson previously stated that the company would 'abide by the legal process to defend our case,' and declined further comment on the senators' letter. The Post has sought comment from Skydance, the FCC and Trump. CBS News' president and CEO, Wendy McMahon, resigned on Monday following what insiders describe as weeks of internal tension over how to handle the Trump lawsuit and its fallout. As reported by The Post, McMahon had opposed settling the case and was alarmed by what she saw as growing pressure from Paramount to soften CBS's coverage of Trump. Sources told The Post that McMahon was asked to resign over the weekend by CBS CEO George Cheeks, after months of strained relations. In a memo to staff, she wrote: 'It's become clear that the company and I do not agree on the path forward.' McMahon's departure follows that of longtime '60 Minutes' executive producer Bill Owens, who also resigned amid concerns about editorial independence. One CBS insider told The Post: 'Wendy's exit means the Trump lawsuit mediation must be moving quickly and a deal will be done.' McMahon's tenure at CBS had already been rocky. She oversaw a controversial overhaul of the evening news lineup, removing anchor Norah O'Donnell in favor of lesser-known journalists John Dickerson and Maurice DuBois — decisions that coincided with a ratings slump. The nightly newscast reportedly now averages fewer than 4 million viewers. As of 2025, about 20 to 22 million people watch the evening news across the three major broadcast networks, with ABC's 'World News Tonight' leading at around 9 million viewers, followed by NBC's 'Nightly News' with 6 to 7 million and CBS's 'Evening News' trailing with about 4 million. McMahon also faced backlash after reprimanding anchor Tony Dokoupil for a pointed interview with author Ta-Nehisi Coates about the Israel-Hamas conflict — an incident that reportedly drew disapproval from Redstone. Adrienne Roark, a top editorial executive and close McMahon ally, also resigned shortly before McMahon's exit and is expected to take a role at TEGNA. CBS CEO George Cheeks announced that McMahon's duties would be split between CBS News president Tom Cibrowski and CBS Stations president Jennifer Mitchell. In her farewell memo, McMahon described her time at CBS as 'one of the most meaningful chapters in my career,' and praised her colleagues' 'commitment to truth, fairness and the highest standards.'
Yahoo
3 days ago
- Business
- Yahoo
Shari Redstone in ‘tough spot' as Paramount board fears settling with Trump will open Pandora's box on bribery lawsuits: sources
They're reading their D&O policies and checking them the word from inside Paramount, whose board and controlling shareholder Shari Redstone are struggling to reach a decision about settling a $20 billion lawsuit brought by President Trump over a controversial '60 Minutes' interview with Kamala fear the Paramount board's so-called Directors and Officers liability insurance, commonly known as D&O, wouldn't cover bribery – a charge they could be exposed to if they give into Trump's demands, On The Money has this column has reported, Redstone is willing to pay Trump up to $50 million to settle the case that comes as Trump's own Federal Communications Commission is holding up approval of her plan to sell Paramount and its CBS news subsidiary to independent film company Skydance. Her decision could come any day now, and Trump is said to be receptive to the deal. He recently settled a libel suit with ABC, forcing Bob Iger, who runs the network's parent company Disney, to fork over $16 million. But Disney and ABC aren't in the middle of a merger, and the Paramount payment could be seen as a bribe to curry favor with the Trump administration and facilitate the Skydance deal, media executives tell On The Money. Compounding the problem for the board and Redstone is that D&O insurance typically doesn't cover bribery. There is a possibility of civil suits brought by shareholders, a possible criminal investigation mounted by a Trump-hating prosecutor, and – if the Democrats take the House and/or the Senate in the midterms – endless congressional hearings. 'I feel badly for her,' one top media CEO with direct knowledge of the matter said of Redstone. 'She's really in a tough spot.''They're really worried that they could face civil or even criminal charges and their insurance doesn't cover the legal expense,' the executive added. 'The problem is no one really thinks Trump has a good case and she would be settling to push the deal forward.' A Redstone spokeswoman declined comment. A Trump legal adviser declined to comment. 'This lawsuit is completely separate from, and unrelated to, the Skydance transaction and the FCC approval process,' a Paramount spokesperson said in a statement. 'We will abide by the legal process to defend our case.'Of course, businesses settle with the government all the time over regulatory infractions rather than engage in a more costly legal battle. Some media executives say the difference here is that Redstone isn't settling with the government, but a single individual who has vast control over her wealth. Already several Democratic lawmakers such as Vermont socialist Senator Bernie Sanders have warned about the legal implications of a the hand wringing, Redstone's decision is said to be imminent and she has told people it is her preference to settle the matter and move on with her life. The Paramount-Skydance deal is valued at $8 billion. Redstone, 71, has seen her fortune evaporate with the sharp decline in Paramount stock in recent years. If the deal is completed, she would walk away with $2 billion, and preserve a modicum of the wealth she inherited from her dad, the late media dealmaker Sumner filed the lawsuit against CBS last October during the heat of the 2024 presidential election, following a '60 Minutes' interview with Harris, the Democratic nominee. The lawsuit mirrors a complaint filed with the FCC by a conservative legal group that alleges that the CBS news magazine deceptively edited the interview to make Harris's word-salad answers sound more has long been accused of left-wing bias, though the First Amendment generally provides a free-speech shield. The Trump FCC, however, is contending that CBS, which operates over public airwaves as opposed to cable, has a legal, 'public interest' duty to provide unbiased news coverage particularly during a presidential FCC is holding up approving the Paramount-Skydance deal and Redstone's much-needed access to cash as it investigates whether '60 Minutes' did indeed tilt the scales in its editing and the Trump lawsuit remains active in Texas federal court. The conservative legal group known as the Center For American Rights says there is clear evidence of deceptive editing, pointing to the full transcript of the Harris interview that shows a long-winded, and in its view, less coherent answer to a policy question involving the war in Gaza. '60 Minutes' denies that it has done anything wrong and says that it regularly edits interviews for time considerations. Legal experts say Trump has weak grounds to sue given 60 Minutes past practices. But the Trump suit claims the editing violates Texas business law that makes it illegal to engage in 'misleading, or deceptive acts or practices in the conduct of any trade or commerce.' In addition to her evaporating wealth, Redstone faces a steep tax bill — as much as $200 million — stemming from the ownership stake she inherited from her father after he died in 2020.
Yahoo
3 days ago
- Business
- Yahoo
Paramount Offers Millions To Trump To End $20B ‘60 Minutes' Suit & Let Skydance Merger Go Through
Donald Trump and Paramount don't have a deal yet to settle POTUS' months old $20 billion 60 Minutes lawsuit, but the Shari Redstone ruled media company has put some serious millions on the table in the hopes to make this roadblock to a merger with Skydance disappear. 'It's very early days,' a source close to talks between Trump's lawyers and Paramount's attorneys and execs tells Deadline. 'An opening offer has been made, but more negotiations are underway,' the source confirmed, but would not go into specifics beyond saying 'right now, it's an eight-figure discussion.' More from Deadline 'Don't Ever Say What You Said': Donald Trump Fumes At Reporter For Asking About Wall Street's Notion That He Always 'Chickens Out' On Tariffs Democratic Senators Warn Paramount's Shari Redstone That Trump Lawsuit Settlement May Violate Federal Bribery Statute Judge Declines To Immediately Block Trump's Effort To Fire Register Of Copyrights In the waning days of last year's bitter election, Trump went after long time foil CBS over the way that 60 Minutes had edited a wide ranging interview with Democratic nominee Kamala Harris. Asking for a headline grabbing $20 billion, the Hail Mary action alleged violations of Texas' Deceptive Trade Practices Act, which is typically used by consumers for false advertising claims. Earlier today, The Wall Street Journal reported that Paramount has offered $15 million, but Trump's team wanted $25 million and an apology from CBS News. When asked by Deadline if the $15 million number that the WSJ reported today plus Trump's team rejection and threat of a new suit was accurate, another individual with knowledge of the mediation replied, 'sounds about right, as where things are at.' A rep for Paramount declined to comment on the state of the bargaining or the WSJ story Wednesday on the sums being discussed President Trump's legal team and the White House did not respond to Deadline's request for comment. Since first filing his 60 Minutes suit in October 2024, Trump handily beat the then-VP Harris and returned to the White House. Even before his second inauguration as tech overlords, moguls and CEOs began to bend the knee, Trump secured a $15 million and more payout from Disney over a March 2024 edition of ABC's This Week where George Stephanopoulos said that 'juries have found' Trump 'liable for rape.' Parsing the legal distinction, Trump was actually found liable early last year by a civil jury for sexually abusing and defaming writer E. Jean Carroll – an outcome the former and current POTUS has constantly ridiculed. As well as handing Trump a win and some cash, the Bob Iger-run media giant's resolution of then candidate's defamation suit set the tone for Trump 2.0, even as companies and executives that have sought to curry favor found themselves just as quickly back in the firing line. Opening promising to go after his enemies real and imagined, Trump quickly launched a Project 2025 fueled purging of the federal government (with the help of his top backer Elon Musk) and instituted more Viktor Orbán inspired attacks on the media. To that, the prospect of a settlement in Trump's 60 Minutes suit has rattled CBS News and the acclaimed newsmagazine series in particular, as leaders have been resistant to such a move. Bill Owens, the executive producer of 60 Minutes, resigned last month, saying that he could no longer get the independence that the show has long enjoyed from the parent corporation. Wendy McMahon, the president and CEO of CBS News and Stations, earlier this month announced her departure. She was a defender of the news division amid concerns over the settlement. Even as the likes of Sen. Bernie Sanders warned Redstone that any deal with Trump could constitute a violation of federal bribery laws, some CBS News staffers took McMahon's exit as a sign that a settlement could be imminent. They might be correct, at least from what we are hearing today and the thrust of the WSJ piece. Still, even in that context, Trump's 60 Minutes lawsuit is widely seen as meritless. Yet, the litigation comes as CBS' parent company Paramount Global and majority shareholder Redstone are desperate for the administration to grant regulatory approval for its multi-billion dollar merger with Skydance. The David Ellison-led Skydance, with a little help from patriarch Larry Ellison, and backer RedBird Capital agreed in July to acquire Paramount Global with an $8 billion investment, capping a bumpy seven-month courtship. But the drama continued as the deal requires approval by the FCC, currently headed by Chair Brendan Carr, personally promoted by Trump. It's been slow going and the would-be partners saw a 90-day extension set off in April. Defying what anyone with realpolitick eyes can plainly see, Carr has insisted that the president's lawsuit against CBS is a totally separate track from the merger consideration. Over the weekend, a commencement speech from 60 Minutes correspondent Scott Pelley a few weeks ago went viral and drew strong and immediate scorn from MAGA media Speaking to Wake Forest University graduates, Pelley said that 'our sacred rule of law is under attack. Journalism is under attack. Universities are under attack. Freedom of speech is under attack. An insidious fear is reaching through our schools, our businesses, our homes and into our private thoughts. The fear to speak. In America?' As for that looming threat of Trump launching a new lawsuit against CBS and perhaps Paramount, this is what POTUS' attorney, Ed Paltzik, said last week:'During ongoing settlement talks, CBS News and Paramount aired a new, defamatory 60 Minutes segment regarding President Trump's legitimate and necessary executive orders addressing unlawful activity in the legal profession, including election interference and employment discrimination. CBS and Paramount's attempts to subvert the legal process with lies and smears may necessitate additional corrective legal action, which President Trump reserves the right to pursue.' Not too many lines you need to read between there to know what's up: Trump wants money and a pound of media flesh. 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