Jeff Shell, a seasoned media executive, is preparing to take the helm at Paramount Global, bringing a reputation for bold ideas and decisive leadership. His new role follows a turbulent exit from NBCUniversal, and as Paramount prepares to merge with Skydance Media in 2025, all eyes are on what changes Shell might implement to modernize the media giant.
A New Chapter for Jeff Shell at Paramount
Jeff Shell’s transition to Paramount Global as president marks his comeback to the media industry. After his departure from NBCUniversal in 2023 due to allegations of misconduct, he joined RedBird Capital Partners, which is backing the Paramount-Skydance merger. Once the merger is complete, Shell will report to David Ellison, the CEO of Skydance. This leadership duo is expected to drive significant changes at Paramount, focusing on modernizing its media operations.
RedBird’s Andrew Brandon-Gordon praised Shell’s track record, saying, “Shell’s long-term, results-oriented, proven track record at NBCUniversal,” combined with Ellison’s innovative vision, promises a dynamic future for Paramount.
Bold Moves and Big Ideas: What to Expect
At NBCUniversal, Shell was known for his ambitious ideas. From considering giving the 10 p.m. hour to local affiliates to exploring potential mergers, he often pursued innovative strategies. Though many of these ideas never materialized, they offer insight into how he might approach his new role at Paramount. Reviving the 10 p.m. hour shift for CBS could save costs and create opportunities for local affiliates to increase their advertising revenue.
As Shell himself explained during a 2022 interview with CNBC, “If we’re being prudent operators, which we try to be… you have to look at the allocation of resources to another.” His approach highlights the importance of balancing traditional TV with the rise of streaming platforms like Paramount+.
Transforming Paramount’s Streaming Strategy
One of Shell’s likely focuses at Paramount will be its streaming strategy. Paramount+ has struggled to achieve profitability, and analysts like Rich Greenfield of LightShed Partners have even suggested shutting it down in favor of licensing content to larger streaming services. However, Shell has other plans. He envisions collaborating with other streaming services to build a competitive content bundle.
Shell hinted at these intentions during a conference call in July, saying, “To be a winner in [streaming] really means being in the ultimate bundle that’s coming.” His experience at NBCUniversal, where he explored potential mergers with companies like WarnerMedia and even Netflix, suggests that Shell is prepared to seek new partnerships to strengthen Paramount+.
Navigating the Decline of Traditional TV
Shell’s return to a role overseeing traditional TV networks comes amid declining viewership for linear programming. Paramount Global’s assets include CBS, Paramount Pictures, and a suite of cable channels. Many cable channels, like MTV and VH1, have struggled to stay relevant, relying heavily on reruns. As Shell works to streamline costs and modernize operations, he may have to make difficult decisions about the future of these channels.
Reflecting on the challenges of managing declining linear TV audiences, Shell remarked, “Obviously, a big chunk of the company is in the linear world, and we know that linear is challenged and declining.” He aims to balance managing these legacy assets while investing in digital and streaming services.
The Future of Sports at Paramount
Sports will also play a key role in Paramount’s future. During their recent merger discussions, Shell and Ellison emphasized the importance of CBS Sports. Paramount’s sports offerings, including NFL games, NCAA March Madness, and UEFA Champions League, provide a strong foundation that Shell could leverage to shift focus away from traditional entertainment programming.
During his time at NBCUniversal, Shell was instrumental in securing the renewal of “Sunday Night Football” and supporting NBC’s NBA bid. This experience could translate into new opportunities for CBS Sports, especially as sports programming continues to be a major draw for audiences in an era of declining linear TV viewership.
Balancing Innovation with Stability
While Shell is known for his visionary thinking, some former colleagues warn that bold moves can lead to instability if not properly managed. “What Paramount needs is blocking and tackling — mature leadership,” cautioned an executive who worked with Shell at NBCUniversal. This perspective suggests that a balance between Shell’s aggressive strategies and steady leadership will be crucial for Paramount’s success.
A Dynamic Leadership Duo
With Shell and Ellison at the helm, Paramount is poised for a transformative era. Their combined vision and expertise have the potential to reshape the company into a modern media powerhouse. As Shell steps into this new role, the industry will watch closely to see whether his bold ideas will bring about the change Paramount needs.
A New Era for Paramount
Jeff Shell’s leadership at Paramount marks a significant turning point for the company as it navigates the challenges of a shifting media landscape. With a focus on streaming, innovative partnerships, and strategic changes in traditional TV, Shell aims to revitalize Paramount. As the company moves forward with its merger with Skydance, the stage is set for a dynamic future under Shell’s leadership, offering hope for new growth opportunities. Only time will tell if his bold strategies will bring the success he envisions.
