LOS ANGELES, July 1 (Xinhua) -- Paramount Global, one of the largest U.S. media and entertainment corporations, agreed on Tuesday to pay 16 million U.S. dollars to settle a lawsuit with U.S. President Donald Trump.

According to U.S. media reporting the case, Trump sued CBS News, a subsidiary company of Paramount, in a district court in Texas in last October, alleging that his electoral chances were harmed after the network aired two separate versions of an answer given by then Vice President Kamala Harris during an interview for its program "60 Minutes."

The agreement came after months of negotiations to find an amount that both parties would accept, reported The Washington Post.

As part of the settlement, Paramount agreed to release all future transcripts of interviews that "60 Minutes" conducts with U.S. presidential candidates "after such interviews have aired, subject to redactions as required for legal or national security concerns," the report noted.

Under the terms of the deal, the money will be allocated to Trump's future presidential library, reported the Los Angeles Times, adding that Paramount decided to buy peace with the president rather than wage a costly fight to defend "60 Minutes" and its journalists in court.

The settlement does not include a statement of apology or regret, said the report.

The company's leaders hope the settlement will clear a path for the company's sale to David Ellison's Skydance Media -- a deal that needs the blessing of the Federal Communications Commission, it added.

It is the second major settlement between Trump and a major news outlet. In last December, ABC News settled a defamation lawsuit brought by Trump by issuing a public apology and providing 15 million dollars to Trump's future presidential library.