Eh, bab's claim seems to be that Trump's camp is intimidating CBS into settling with the threat of causing them problems in future business dealings if they don't give in. That matches the posted definition of extortion well enough to be applicable.
Now, whether or not this assertion from bab is true, is something entirely different. There's no way to know the truth of that, only Trump's camp and CBS know the actual dealings.
I'll also agree with CD that $16M negotiated is peanuts, but that's true for both camps. It seems to me like if CBS is actually guilty then they're getting off super-easy, and if it's all a lie then Trump isn't getting much out of it.