Paramount Skydance has parted ways with Jeff Shell as its
president, after he spent a little less than a year on the job.
This comes as the company awaits regulatory approval to complete its $110 billion deal for Warner Bros.
Discovery.
The decision stems from allegations by high-stakes gambler and whistleblower R.J. Cipriani in a lawsuit against Shell (and
Paramount), claiming that Shell disclosed non-public information about the company’s deal in acquiring its exclusive, seven-year $7.7 billion UFC mixed martial arts program
deal.
The claim was that Shell violated Securities and Exchange Commission rules. Shell in turn countersued Cipriani with allegations of extortion, defamation and fabrication of
evidence.
Cipriani claimed Shell gave him private information about the UFC
deal, and that he failed to pay him for services rendered.
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This is the second time in three years that Shell has been ousted from a senior executive position.
In April 2023, Shell lost his job as CEO of NBCUniversal amid allegations of inappropriate relationship with a subordinate — Hadley Gamble, a CNBC anchor and
international reporter.
In announcing the move, Paramount has said there was a “complete and thorough” review of the situation by its board and outside counsel
which cleared Shell of any wrongdoing.
The company said: “The facts demonstrated that these allegations do not establish a securities law violation.”