Paramount’s Streaming Strategy Leader Jeff Shultz Announces His Departure
Leadership changes at Paramount: Jeff Shultz steps down
Jeff Shultz, Paramount Global’s chief strategy officer and chief business development officer for the streaming division, will be leaving the company at the end of this year. Since joining Paramount in 2019 through the acquisition of Pluto TV, Shultz has played a crucial role in shaping the streaming landscape, overseeing the growth of Paramount+ and Pluto TV.
A pivotal role in streaming success
Shultz’s journey with Paramount began when Pluto TV was acquired as a complementary free, ad-supported service in 2019. A year later, Shultz’s strategic vision helped transform Pluto TV into a billion-dollar business. Under his leadership, Pluto TV inked significant deals with major content providers like the NFL, Major League Baseball, Warner Bros. Discovery, and A+E Networks.
Jeff Shultz’s influence on Paramount+
Shultz’s impact extended to Paramount+, a rebranding of CBS All Access, which launched under his strategic direction. Overseeing strategy, distribution, and business development, Shultz guided Paramount+ through its early stages to its solid standing in the competitive streaming market. His leadership was instrumental in achieving significant milestones, with Paramount’s streaming division reporting a remarkable $1.9 billion in revenue in 2024.
An emotional departure
In a heartfelt post on LinkedIn, Shultz expressed his sentiments on leaving. “To my colleagues at Paramount Streaming, writing this incredible story with you has been the honor of my career,” he shared. Although he won’t be part of the next chapter, Shultz is enthusiastic about the future directions of Paramount Streaming. His gratitude towards Tom Ryan, CEO of Paramount Streaming, and his leadership team, highlighted the strong bonds and fruitful collaborations they shared.
A merger on the horizon and structural changes
This announcement comes amid significant developments for Paramount. In July, Paramount Global secured a deal to merge with Skydance Media, a transaction anticipated to complete by mid-2025. Concurrently, Paramount is undergoing restructuring efforts, including a 15% reduction in its U.S. workforce.
Charles Phillips Jr., chairman of the board’s special committee on mergers and acquisitions, also announced his departure. Phillips played a vital role in the Skydance merger, marking another leadership transition for Paramount during this period of change.
Early journey: From Pluto TV to Paramount
Shultz joined Pluto TV in early 2018 as the chief business officer, following several years as an advisor. His efforts culminated in Viacom’s $340 million acquisition of Pluto TV in 2019. Over the years, Shultz has been recognized for his strategic acumen, being named in notable industry reports and leaving a lasting impact on Paramount’s streaming strategy.
Tom Ryan praised Shultz in a LinkedIn comment, acknowledging his immense contributions. “Jeff, thank you for everything you have done for Paramount Streaming. Pluto TV and Paramount+ would never have come so far so fast without your talent, drive, optimism, and collaboration,” Ryan stated, emphasizing the void Shultz will leave behind.
A career built on strategic leadership
Before his tenure at Pluto TV and Paramount, Shultz held senior roles in digital business development across media giants like NBC and CBS. He co-founded internet TV startups, including Clicker and Concert TV, bringing a wealth of experience to his roles. Originally a lawyer, Shultz began his career at Linklaters in London after earning a law degree from Georgetown University.
Looking ahead
As Jeff Shultz prepares to exit Paramount, the company embarks on a new chapter with expectations of continued growth and innovation. The forthcoming merger with Skydance Media and ongoing restructuring efforts indicate a dynamic future for Paramount Global. Shultz’s departure marks the end of an era, yet his foundational work will undoubtedly influence the company’s trajectory.
Stay tuned for more updates on Paramount’s evolving landscape. Share this story with your network and follow us for the latest insights into the entertainment industry.