Jeff Shell resigned as president and board member of Paramount Skydance Corp. on Wednesday, less than a year after taking the role, to focus on a legal battle with professional gambler R.J. Cipriani.

The company announced the departure in a statement, noting that its board, with assistance from independent counsel Gibson Dunn, conducted a thorough review of Cipriani's allegations that Shell violated securities disclosure rules. "The facts demonstrated that these allegations do not establish a securities law violation," the statement said. It added that Shell had promptly notified the company of the accusations and was pursuing legal action against them.

Shell, who joined Paramount Skydance in August 2025 following Skydance Media's acquisition of Paramount Global, had been handling operational responsibilities under Chairman and CEO David Ellison. He played a key role in the merger process and subsequent cost-cutting measures. The company expressed gratitude for his contributions, stating it was pleased to have relied on him as a valued advisor.

Cipriani, a high-stakes Las Vegas gambler featured in the 2025 Amazon Prime Video series "Cocaine Quarterback," filed a $150 million lawsuit against Shell on March 9, 2026, in Los Angeles County Superior Court. He alleged fraud and breach of an oral contract, claiming he provided 18 months of crisis communications services that helped Paramount avert costly issues. Cipriani accused Shell of sharing non-public information, including details of a $7.7 billion UFC broadcasting deal with CBS, and failing to compensate him or fulfill a promise to produce an English-language version of a Roku TV music show.

Shell denied the claims, countersuing Cipriani for extortion and defamation. He argued that the two men met only twice and that Cipriani had fabricated their relationship to demand payment. Paramount described Cipriani's suit against the company and its board as "frivolous and baseless."

This marks Shell's second abrupt exit from a major media executive position in three years. In April 2023, he was ousted as CEO of NBCUniversal after an internal investigation confirmed an inappropriate relationship with a CNBC journalist.

Shell's departure comes as Paramount Skydance pursues a proposed $111 billion merger with Warner Bros. Discovery, announced in late February 2026 and pending regulatory approval. The company has not named a successor, though executives like COO Andy Gordon have taken on expanded roles.

Paramount Skydance plans to respond forcefully in court to the ongoing litigation.