Jeff Shell to Receive at Least $5 Million in Severance From Paramount
Variety • • business
Key Points:
- Jeff Shell resigned as president of Paramount Skydance amid a breach-of-contract lawsuit filed by professional gambler R.J. Cipriani, and will receive $5 million in severance plus several million dollars in accelerated stock vesting.
- Shell's separation agreement includes continued salary and bonus payments for 12 months, company-subsidized health and dental benefits, and is contingent on his compliance with restrictive covenants and a release of claims.
- Cipriani alleges Shell owes him $150 million for crisis PR services and accuses him of sharing confidential information about Paramount Skydance and its pending $111 billion Warner Bros. Discovery acquisition, claims which Shell denies and counters as extortion and defamation.
- Paramount Skydance's board, after a review with independent counsel, found no securities law violations by Shell and is pursuing legal action against Cipriani and other defendants named in the expanded lawsuit, including CEO David Ellison and investment partner RedBird Capital.
- Before joining Paramount last year, Shell was chairman of RedBird Sports and Media, overseeing investments and strategy in sports and entertainment.
