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Paramount Skydance announced on Wednesday that Jeff Shell has stepped down from his roles as president and board member following allegations related to potential breaches of U.S. Securities and Exchange Commission disclosure requirements.
Shell had taken on the position of president, overseeing the company’s daily operations, after Paramount Global finalised its merger with Skydance Media last year.
The development comes amid an ongoing legal dispute involving Las Vegas-based gambler and former FBI informant R.J. Cipriani, who filed a $150 million lawsuit against Shell. Cipriani claims that Shell failed to honour an agreement to develop a music television project titled Serenata De Las Estrellas. According to the lawsuit, Cipriani alleged that he had provided high-level crisis communication services over an extended period without payment, based on assurances that the project would be produced.
Shell has denied the allegations and responded with a countersuit filed last month, accusing Cipriani of extortion and defamation, according to media reports.
In a statement, Paramount said it had reviewed the claims outlined in the civil complaint and concluded that the allegations do not amount to violations of securities laws.
The company added that Shell’s decision to step down is intended to allow him to focus on addressing the legal proceedings.
This marks another controversy in Shell’s career. In April 2023, he was removed as chief executive of NBCUniversal, a subsidiary of Comcast, following allegations of inappropriate conduct involving a female CNBC journalist.
Previous reports have also indicated that a legal review by law firm Gibson Dunn did not find sufficient evidence to support claims that Shell had improperly disclosed sensitive information.
