Paramount Streaming’s chief strategy and business development officer Jeff Shultz is set to exit the media giant at the end of this year.
His departure comes ahead of Paramount’s $8 billion merger with David Ellison’s Skydance Media, which is slated to close in the first half of 2025.
“Those who know me well know this was never just a job. To my many business partners, I am so grateful for the critical role you played in the growth of Pluto TV and Paramount+. I will see you soon,” Shultz wrote in a LinkedIn post. “To my colleagues at Paramount Streaming, writing this incredible story with you has been the honor of my career. I’m sorry I won’t be with you for the next chapter, but I can’t wait to see where you go from here.”
After serving as an advisor to Pluto TV for three years, Shultz joined the free, ad-supported streamer as its chief business officer in November 2017. He would stay on in that role through Viacom’s $340 million acquisition of the platform in 2019, working alongside Pluto’s CEO and co-founder Tom Ryan, who now serves as the CEO of Paramount Streaming. In December 2020, he would be promoted to his current role of chief strategy officer and chief business development officer.
Shultz was part of the launch team for Paramount+, which has grown to a total of 68.4 million subscribers and reported its first-ever profit of $26 million in the second quarter of 2024. Meanwhile, Pluto has grown to over 80 million monthly active users during his tenure and is a profitable, $1 billion in revenue-per-year business.
He also helped strike partnerships with Warner Bros. Discovery, A+E Networks, AMC Networks, Sony Pictures Entertainment, Lionsgate, MGM, Fremantle, Banijay Entertainment, the National Football League, Major League Baseball, Amazon, Roku, Google, Apple, T-Mobile, Verizon, Comcast, Samsung Electronics, LG Electronics, Vizio, Walmart and Delta Air Lines.
“Years ago, the vision for Paramount Streaming easily could have been criticized as too daring. Today, after announcing our first globally profitable quarter, there is no denying Paramount Streaming is a success,” Shultz added. “This has only been possible because of the effort and belief of an extraordinary team. I am especially proud of the central role Brendon Thomas, Mitchel Carbullido, Angela Heckman, Andrea Wolinetz, Nick Lamb, Matt McMahon and the global Strategy and DBD teams played in that success. Their skill and dedication will be key to the future of Paramount+, Pluto TV and Paramount Global. I am also deeply grateful for the leadership and friendship of Tom Ryan, and the partnership and excellence of the Paramount Streaming leadership team Elizabeth Wright, Domenic DiMeglio, Jeff Grossman, Amy Kuessner, Olivier Jollet, Marco Nobili, Erin Calhoun and Abhinav Chopra.”
In connection with Shultz’s departure and the strategic alignment of Paramount’s distribution business, U.S. Network Distribution president Ray Hopkins will add oversight of the streaming distribution team to his purview, while the streaming strategy team will report to Ryan.
“As the landscape continues to evolve and our partnerships increasingly span across both linear and streaming, we firmly believe Ray is the right leader to ensure that Paramount is best positioned to continue to succeed across cable, broadcast and streaming platforms,” Paramount co-CEOs Brian Robbins, Chris McCarthy and George Cheeks said in a memo to staff. “This strategic alignment better reflects the current marketplace to ensure the best outcomes for Paramount, our partners and consumers everywhere.”
In addition to Shultz, Paramount board member Charles Phillips Jr., who led the special committee that ultimately approved the Skydance deal, separately announced on Friday that he’s leaving his position at the end of October to focus on his investment firm Recognize.
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