US media company Paramount Global has agreed to pay $16 million (£13.5m) to settle a legal dispute with US President Donald Trump regarding an interview it broadcast on CBS with former Vice President Kamala Harris.

Trump filed a lawsuit last October, alleging the network had deceptively edited an interview that aired on its 60 Minutes news programme with his presidential election rival Kamala Harris, to “tip the scales in favour of the Democratic party”.

Paramount said it would pay to settle the suit, but with the money allocated to Trump’s future presidential library, not paid to him “directly or indirectly”.

The company noted the settlement does not include a statement of apology or regret.

CBS, which is owned by Paramount, previously said the case was “completely without merit” and had asked a judge to dismiss it.

The settlement marks the latest concession by a US media company to a president who has targeted outlets over what he describes as false or misleading coverage.

According to the lawsuit filed in federal court in Texas, CBS aired two versions of the Harris interview in which she appeared to give different answers to the same question about the Israel-Gaza war.

Interviewer Bill Whitaker asked the Democratic nominee about the Biden administration’s relationship with Israel. The network later aired two different versions of her response, according to the claim.

One clip aired on Face the Nation and the other on 60 Minutes. Trump claimed Harris’s “word salad” answer had been deceptively edited in one version to shield her from backlash.

CBS said it edited Harris’s answer for time, in accordance with television news standards.

Trump sued, originally claiming for $10bn (£8.5bn) but that figure was later increased to $20bn ($17bn) for damages.

In May this year, the company offered $15m (12.7m) to settle the suit but Trump wanted more than $25m (£21m).

In a statement released on Tuesday, Paramount confirmed the settlement fee included the president’s legal fees, and that it had agreed that 60 Minutes will release transcripts of interviews with future presidential candidates.

According to both the Wall Street Journal and New York Times, the settlement was agreed – with the help of mediator – so as to not affect Paramount’s planned merger with Skydance Media, which the Federal Communications Commission has been reviewing and therefore Trump technically has the power to halt.

During the month-long settlement talks, some CBS News executives including chief executive Wendy McMahon have left their roles, due to their unwillingness to issue an apology to Trump.

There were also reportedly concerns over whether paying to settle the lawsuit could be viewed as bribing a public official.

A spokesman for Trump’s legal team said the settlement was “another win for the American people as he, once again, holds the Fake News media accountable for their wrongdoing and deceit.”

He added that CBS and Paramount “realised the strength of this historic case.”

CBS has said the broadcast was “not doctored or deceitful”.

BBC News has contacted Paramount and the White House for further comment.

The Paramount settlement follows a decision by Walt Disney-owned ABC News to settle a defamation case brought by Trump.