The British filmmaker has admitted he has “no idea why we carried on in the industry with real firearms” for so long.
The Hollywood actor had faced two counts of involuntary manslaughter over the shooting on the New Mexico set of the Rust movie in October 2021.
Cinematographer Halyna Hutchins died in 2021 after the fatal shooting.
The settlement was reached after a wrongful death lawsuit was filed against Baldwin and others following the fatal shooting in 2021.
The comedian previously claimed she "wasn't allowed" to make a joke about the 30 Rock actor during the Oscars.
Her comment that she can't "say any of that, but you can just come up and [slap] someone" has not gone down well.
A video created by the family's lawyers shows an animated recreation of the shooting.
US authorities have issued a search warrant for the actor’s phone in relation to the death of cinematographer Halyna Hutchins.
The actor said “not a day goes by” that he does not think of Halyna Hutchins' death.
“As far as I’m concerned, someone put a live bullet in a gun,” the actor said. “A bullet that wasn’t even supposed to be on the property.”