President Trump’s settlement with Paramount for $16 million last week was helped across the finish line by an additional $16 million or more in “advertising,” the president told reporters on Friday, nodding to a reported “side deal” with Skydance CEO David Ellison where CBS would run public service announcements for causes that are important to the president once a pending Skydance-Paramount merger is completed.

The stealth agreement was first reported by the New York Post on July 2 and followed up by CNN and Status this weekend. The agreement, the Post reported, was for $15 million to $20 million worth of PSAs “to promote causes supported by the president.” It is unclear what those particular causes are at this time.

Paramount told TheWrap that its settlement with Trump did not include any PSAs. Skydance declined to comment.

“Paramount knows nothing about the alleged side deal between Trump/Ellison, had absolutely nothing to do with it, nor was it a part of what the board approved, and the mediator sanctioned,” a spokesperson said.

President Trump appeared to hint at the PSA deal last Friday, saying “We did a deal for about $16 million plus $16 million, or maybe more than than, in advertising,” according to a White House pool report. He added the overall deal was now worth “like $32 [million] to maybe $35 million.”

The president also had kind words for Ellison’s father, Oracle co-founder Larry Ellison, who he called his “friend.” President Trump then complimented Sykdance Media CEO David Ellison, saying the 42-year-old executive was a “fantastic young man.”

An $8 billion merger between Skydance Media and Paramount has been awaiting FCC approval, due to a required transfer of broadcast licenses.

President Trump initially sued Paramount for $20 billion over how “60 Minutes” edited an interview with Kamala Harris last year, arguing it was “false advertising” and election tampering. The president’s lawyers later argued the segment caused him “mental anguish.”

A settlement was reached last week, with the payment including “plaintiffs’ fees and costs” as well as a donation that will be allocated to a “future presidential library.” Paramount also said that “in the future, 60 Minutes will release transcripts of interviews with eligible U.S. presidential candidates after such interviews have aired, subject to redactions as required for legal or national security concerns.”

Notably, the settlement does not include any statement of apology or regret from CBS or “60 Minutes.”

Paramount’s stock was down 0.50% to $12.83 per share in early trading on Monday; it was up 2.31% in the last week and has increased more than 20% since the start of 2025.