WEST PALM BEACH, Fla. — ABC News will pay over $15 million to fund a presidential library and museum for Donald Trump as part of a settlement in a defamation lawsuit filed by the president-elect in federal court.

The lawsuit stemmed from comments made earlier this year by ABC News anchor George Stephanopoulos regarding Trump’s potential liability in a New York civil case. The agreement, detailed in a seven-page settlement filed Saturday, ends the legal dispute and commits ABC News to provide substantial financial support for Trump’s planned library.

“ABC shall cause a transfer in the amount of fifteen million U.S. dollars to be made to a Presidential foundation and museum to be established by or for Plaintiff,” the settlement reads, emphasizing the resolution of all claims raised by Trump in the case.

The funds will be transferred to an escrow account within 10 days, to be released after the establishment of a 501(c)(3) entity by Trump’s team, according to the agreement. Additionally, ABC News will pay $1 million in legal fees to Trump’s attorney.

As part of the settlement, ABC News has also agreed to issue a public editor’s note acknowledging the matter. The statement, which must be appended to a March 10 online article, will express regret for Stephanopoulos’s remarks during an interview on the network’s “This Week” program.

This settlement marks the resolution of a contentious battle between the president-elect and one of the nation’s largest news outlets.

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Phil Stilton is the Editor and Publisher of Shore News Network, an independent digital newsroom providing original reporting on New Jersey, national news, government, public policy, public safety, courts, and community affairs.

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