The studio president is being investigated for allegedly leaking information on its UFC media rights megadeal. He's also in a fight with the whistleblower, which may turn into a court battle.
and the high-stakes gambler who sparked an internal investigation and SEC inquiry into whether company president Jeff Shell prematurely disclosed details of a $7.7 billion UFC media rights deal. At the heart of the matter: An allegation that the studio and Shell reneged on an agreement to pick up an English-language format of a Roku reality show the gambler, R.
J. Cipriani, co-created and exec produced. A lawsuit hasn’t been filed, though Paramount is lawyering up. Blair Connelly, a longtime, do-it-all outside advisor to David Ellison, has stepped in after Cipriani presented the company with a lawsuit advancing breach of oral contract and fraudulent misrepresentation claims, among others,The litigation threat has imperiled Shell’s return to the C-suite following his termination from his prior role as NBCUniversal CEO in 2023 due to allegations of sexual misconduct with a CNBC correspondent. Ellison brought him over from an interim perch at the studio’s financing partner RedBird Capital. Shell is now represented by Steve Olson of O’Melveny, while Cipriani is represented by Steven Aaronoff. A draft complaint has been circulated. Shell’s recent troubles began when Cipriani alleged that the Paramount boss improperly disclosed specific details about the studio’s UFC deal before its August 2025 announcement. An outside law firm is now investigating the claim, and the SEC is reviewing a related whistleblower complaint. The situation has already had repercussions. Shell wasn’t involved in final negotiations between Warner Bros. Discovery and Paramount and was absent from the conference call announcing the $111 billion deal, which included fellow executives like Paramount chief strategy officer Andy Gordon. Cipriani made the tip-off about the purported confidential information breach following soured discussions with Shell over the reality show project. The pair shared an attorney, the prominent Hollywood litigator Patty Glaser, who had been attempting to resolve the matter. Shell has been a key face of the new regime at Paramount since the acquisition from Shari Redstone in 2025. He, Cipriani and the studio declined to comment.ITV CEO on Paramount’s Renewed Ambition and ITV Studios After Banijay, All3Media Megadeal: “We Don’t Feel It Will Have Any Impact on Us”. We use vendors that may also process your information to help provide our services. // This site is protected by reCAPTCHA Enterprise and the GoogleThe Hollywood Reporter is a part of Penske Media Corporation. © 2026 The Hollywood Reporter, LLC. All Rights Reserved.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Minnesota fraud probe heads back to House Oversight Committee as Walz and Ellison prepare to testifyMinnesota’s welfare fraud scandal is returning to Capitol Hill months after it intensified into a national political flashpoint and federal agents swarmed the Twin Cities in an unprecedented immigration crackdown.
Read more »
Minnesota Fraud: Walz, Ellison testify before House Oversight CommitteeMinnesota Gov. Tim Walz and Attorney General Keith Ellison are testifying before the House Oversight Committee to face questions about alleged misuse of federal funds intended for social services and Medicaid programs. Watch live here.
Read more »
Walz and Ellison to testify before House Oversight as new report claims they knew of fraudMonths after turning into a national flashpoint, Minnesota’s welfare fraud scandal is returning to Washington.
Read more »
Walz, Ellison accused of fraud 'cover-up' in report by House Oversight CommitteeThe report comes just hours before Walz and Ellison are expected to testify before the committee.
Read more »
Paramount Skydance Chief David Ellison: CNN Will ‘Be in the Truth Business’ After Warner Bros. MergerSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Paramount CEO David Ellison vows to maintain CNN’s editorial independence after takeover amid staff fearsFox News Channel offers its audiences in-depth news reporting, along with opinion and analysis encompassing the principles of free people, free markets and diversity of thought, as an alternative to the left-of-center offerings of the news marketplace.
Read more »