Overview
- Paramount said Wednesday that Jeff Shell left his roles as president and board member to focus on litigation brought by gambler and consultant R.J. Cipriani.
- An SEC filing on Thursday detailed Shell’s separation terms, including about $5 million in cash severance, eligibility for accelerated vesting of some restricted stock units, and 12 months of health benefits.
- Cipriani’s March 9 lawsuit seeks $150 million, alleging unpaid crisis-communications work and the sharing of non‑public information on a UFC media-rights deal and Paramount’s bid for Warner Bros. Discovery.
- Shell has countersued, accusing Cipriani of extortion and defamation, while Paramount says an outside-counsel review found the facts do not establish a securities-law violation and calls the claims against the company baseless.
- Cipriani has expanded his suit to add CEO David Ellison, Larry Ellison, Paramount Skydance, its board, and RedBird Capital, as the company pushes a proposed $111 billion Warner Bros. Discovery acquisition with a shareholder vote set for April 23.