Paramount Global has reached a settlement with Donald Trump in his lawsuit against CBS News, clearing a path for the media company’s long-delayed merger with Skydance Media. The settlement, announced near midnight Tuesday on the East Coast,

Paramount Global said it would pay $16 million to President Donald Trump to settle a lawsuit tied to “60 Minutes,” betting that the payment will help the company’s fortunes and speed a planned deal with Skydance Media even if it risks tarnishing one of the media giant’s most storied brands.

Paramount has reached an agreement in principle to settle Donald Trump's lawsuit against "60 Minutes," including a $16 million payment that will not directly go to the president and an provision in which the show will immediately release transcripts with presidential candidates immediately after they have aired.