Paramount’s Jeff Shell to Leave Post After Lawsuit Scandal (3)

Jeff Shell is stepping down as president of Paramount Skydance Corp. following a contentious lawsuit by a high-stakes gambler who accused him of leaking inside information.

Shell, who served as the No. 2 executive under Chief Executive Officer David Ellison, had been instrumental in finalizing Paramount’s merger with Skydance Media last year. The company agreed to pay $110 billion for Warner Bros. Discovery Inc.in February.

But Shell became the subject of a scandal in recent weeks after R.J. Cipriani sued him for $150 million over allegations that the executive failed to deliver on a promise to develop a ...