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00:02Jeff Schell is stepping down as president of Paramount Skydance following a lawsuit that
00:06accused him of leaking inside information, according to Bloomberg. Schell served as the
00:11number two executive under CEO David Ellison and helped finalize Paramount's merger with Skydance
00:16Media. The company agreed to pay $110 billion for Warner Brothers Discovery in February.
00:21R.J. Cipriani sued Schell for $150 million, alleging he failed to deliver a promised TV
00:26show in exchange for public relations services. The lawsuit also claims Schell shared material
00:31non-public information about Paramount's business, including views on its Warner Brothers deal and a
00:36$7.7 billion UFC TV contract. Paramount said its board found no securities law violation after a
00:42review and said Schell chose to step down from his roles to focus on the lawsuit. Schell denied any
00:46business agreement with Cipriani. Paramount's shares were unchanged on Wednesday. For all things money,
00:51visit Benzinga.com.
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