Jeff Shultz, who has served dual roles as Chief Strategy Officer and Chief Business Development Officer for Paramount Global's streaming division, has announced he will be leaving the company by the end of the year. Shultz's tenure at Paramount began in 2019 following the acquisition of Pluto TV, at which time he became a pivotal figure in launching and expanding the Paramount+ subscription service. His responsibilities encompassed shaping strategies, overseeing distribution, and propelling business development for both Paramount+ and Pluto TV. Sharing his decision on LinkedIn, Shultz expressed deep appreciation for his time at Paramount, stating, "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."
Earlier, in July, Paramount Global finalized a significant merger deal with Skydance Media, largely influenced by Shari Redstone, the company's controlling shareholder. This merger is anticipated to complete in the first half of 2025. Amidst this strategic shift, Paramount has also initiated workforce restructuring plans, aiming to cut down approximately 15% of its domestic jobs. Concurrently, Paramount disclosed the departure of Charles Phillips Jr., who was instrumental in negotiating the Skydance merger as head of the board's M&A committee.
Shultz first joined Pluto TV as its Chief Business Officer in 2018 following three years as an adviser to the ad-supported streaming service. His impact was profound, with Viacom acquiring Pluto TV a year later for $340 million. During Shultz's stint, Pluto TV secured lucrative partnerships with renowned entities such as the NFL, MLB, Warner Bros. Discovery, A+E Networks, AMC Networks, and others. Device partnerships under his guidance included titans like Amazon, Roku, Google, and Apple. The year Viacom seized Pluto TV, it marked a revenue generation of $70 million, ballooning to a billion-dollar enterprise within three years.
In 2021, the company rebranded CBS All Access under Shultz's oversight, birthing the Paramount Streaming division. By the second quarter of 2024, this division reported an impressive $1.9 billion in revenue, accounting for one-fourth of Paramount Global's income. Prior to his success at Pluto TV, Shultz honed his skills in senior leadership positions in digital business development roles at NBC, CBS, and internet TV startups like Clicker and Concert TV, which he co-founded. His storied career has not gone unnoticed; in 2022, he was recognized in Variety's Dealmaker Impact Report.
Shultz began his professional journey as a lawyer with Linklaters in London after acquiring a law degree from Georgetown University. Expressing gratitude in his LinkedIn post, he acknowledged the immense support and friendship from Paramount Streaming's CEO, Tom Ryan, and his esteemed leadership team. Shultz remains optimistic about the future achievements of his colleagues as he parts ways from Paramount, carrying with him a legacy of transformative deals and innovative strategies that significantly bolstered the company's footprint in the competitive streaming landscape.
