Sen.Bernie Sanders, I-Vt.,blasted Paramount Global on Wednesday for settling President Donald Trumps "election interference" lawsuit against CBS over the networks handling of a "60 Minutes" interview last year with then-Vice President Kamala Harris.Sanders previously urged Paramount controlling shareholder Shari Redstone not to settle the lawsuit he called an "attack on the First Amendment" but to no avail. The company agreed to an eight-figure payment and changes to its editorial policy on Tuesday night in what media critics called a shameful capitulation."The decision by the Redstone family, the major owners of Paramount, to settle a bogus lawsuit with President Trump over a 60 Minutes report he did not like is an extremely dangerous precedent in terms of both the First Amendment and government extortion," Sanders said to begin his scathing statement.PARAMOUNT, CBS FORCED TO PAY EIGHT FIGURES, CHANGE EDITORIAL POLICY IN SETTLEMENT WITH PRESIDENT TRUMP"Paramounts decision will only embolden Trump to continue attacking, suing and intimidating the media which he has labeled the enemy of the people. It is a dark day for independent journalism and freedom of the press an essential part of our democracy," Sanders continued. "It is a victory for a president who is attempting to stifle dissent and undermine American democracy.Trump will receive $16 million upfront. This will cover legal fees, costs of the case, and contributions to his future presidential library or charitable causes, to be determined at Trumps discretion.There is an anticipation that there will be another allocation in the mid-eight figures set aside for advertisements, public service announcements, or other similar transmissions, in support of conservative causes by the network in the future, Fox News Digital has learned. Current Paramount management disputes the additional allocation, but a long-planned merger with Skydance Media is set to put new leadership in place.'60 MINUTES' KAMALA HARRIS INTERVIEW AT CENTER OF TRUMP LAWSUIT RUNS AFOUL OF CRONKITE-ERA CBS GUIDELINES"Its pretty obvious why Paramount chose to surrender to Trump. The Redstone family is in line to receive $2.4 billion from the sale of Paramount to Skydance, but they can only receive this money if the Trump administration approves this deal. In other words, theRedstonefamily diminished the freedom of the press today in exchange for a $2.4 billion payday," Sanders added."Make no mistake about it. Trump is undermining our democracy and rapidly moving us towards authoritarianism and the billionaires who care more about their stock portfolios than our democracy are helping him do it," Sanders added. "That is beyond unacceptable."A source familiar with Paramounts current leadership told Fox News Digital that only the initial $16 million was sanctioned by the official mediator, and they had no knowledge of any deal Trump may have made with incoming ownership.Sen. Ron Wyden, D-Ore., also took to X to accuse Paramount of taking a "bribe" and threatened future federal charges."Paramount just paid Trump a bribe for merger approval. When Democrats retake power, Ill be first in line calling for federal charges. In the meantime, state prosecutors should make the corporate execs who sold out our democracy answer in court, today," Wyden posted.Paramount insisted it was business as usual when asked about statements made by Sanders and Wyden."Companies often settle litigation to avoid the high and somewhat unpredictable costs of legal defense, the risk of an adverse judgment that could result in significant financial or reputational damage, and the disruption to business operations that prolonged legal battles can cause. Settlement offers a negotiated resolution that allows companies to focus on their core objectives rather than being mired in uncertainty and distraction," a Paramount spokesperson told Fox News Digital.A source close to Trump mocked the liberal lawmakers."The socialists of the Democrat Party, like Sanders and Wyden, have rarely seen a business transaction where they didnt want a full government intervention. President Trump is running circles around them and all they do is cry," the source told Fox News Digital.TOP '60 MINUTES' PRODUCER RESIGNS FROM SHOW, CITES LACK OF INDEPENDENCETrumps legal team took a victory lap after the settlement was announced."With this record settlement, President Donald J. Trump delivers another win for the American people as he, once again, holds the Fake News media accountable for their wrongdoing and deceit. CBS and Paramount Global realized the strength of this historic case and had no choice but to settle.President Trump will always ensure that no one gets away with lying to the American People as he continues on his singular mission to Make America Great Again," a spokesperson for Trumps legal team told Fox News Digital.