The board of Paramount Global, the parent company of CBS News, outlined acceptable financial terms for a potential settlement with President Donald Trump on his "60 Minutes" lawsuit, The New York Times reported on Tuesday, citing three people with knowledge of the internal discussions.

Shari Redstone, the board's nonexecutive chair and Paramount's controlling shareholder, recused herself from the portion of the meeting in which board members discussed a settlement, one source who requested anonymity told Reuters.

The exact dollar amounts remain unclear, but the board's move paves the way for an out-of-court resolution, the New York Times said.

Paramount and a spokesperson for Redstone could not immediately be reached by Reuters for comment.

Trump filed a $10 billion lawsuit against CBS in October, alleging the network deceptively edited an interview with then-vice president and presidential candidate Kamala Harris to "tip the scales in favor of the Democratic Party" in the November election.

In an amended complaint filed in February, Trump increased his claim for damages to $20 billion. The parties are set to begin mediation on Wednesday, the New York Times reported.

Bill Owens, the longtime executive producer of "60 Minutes," earlier this month said he was stepping down over concerns about editorial independence, in a story first reported by Reuters.