A general view of Paramount Pictures Studios and its iconic water tower in Los Angeles, California, United States on February 27, 2026.
Mario Anzuoni | Reuters
Jeff Shell steps down as president of Paramount Skydance Corp. after a lawsuit accused him of Securities and Exchange Commission violations.
The company said it found no SEC violations. Paramount added in a statement that the claims were “baseless” and said Shell was taking “vigorous legal action.”
“Consistent with Mr. Shell’s commitment to prioritizing the success of PSKY, he has chosen to step down as Chairman of PSKY and member of the PSKY Board of Directors to focus on this lawsuit,” the company said in its statement. “PSKY is grateful for Mr. Shell’s many contributions and for being able to count on him as a valuable advisor.”
Shell did not immediately respond to comment.
His future at Paramount has been in question since the company beat Netflix in a bidding war in February to acquire Discovery of Warner Bros.. The WBD acquisition will bring in many new executives, and Shell, which was not involved in deal negotiations, did not have a defined role in a combined company, CNBC reported last month.
Shell has come under scrutiny after player and whistleblower RJ Cipriani filed a $150 million lawsuit accusing it of sharing confidential information in violation of SEC rules.
Shell previously stepped down as CEO of NBCUniversal in 2023 after admitting to an “inappropriate relationship” with an employee.
—CNBC Alex Sherman contributed to this report.