As a long-time observer of the streaming industry, I must say Jeff Shultz‘s departure from Paramount Global marks the end of an era for the company and its streaming division. His contributions to the growth and success of Paramount+ and Pluto TV have been nothing short of remarkable.
At the end of this year, Jeff Shultz, who held positions such as Chief Strategy Officer and Chief Business Development Officer for Paramount Global’s streaming sector, will be departing the company.
In 2019, Shultz became a member of Paramount when they acquired Pluto TV. On this team, he played a crucial role in launching and expanding the Paramount+ subscription platform. His responsibilities have encompassed strategy, distribution, and business development for both Paramount+ and Pluto TV.
In a LinkedIn post on Friday, Shultz stated that he is stepping down from Paramount Global. “Working alongside my colleagues at Paramount Streaming to craft this remarkable narrative has been the pinnacle of my career,” he said. “I regret not being able to join you for the next phase, but I’m eagerly looking forward to witnessing your future success.
Last July saw the sealing of a merger deal between Paramount Global and majority shareholder Shari Redstone, with Skydance Media. This merger is scheduled to be completed in the first half of 2025. In the interim, Paramount has been implementing staff reductions and reorganizing its workforce in the U.S., with the goal of reducing its domestic workforce by about 15%.
In early 2018, Shultz took up the role of Chief Business Officer at Pluto TV, having previously advised this free, ad-supported streaming platform for three years. Then, in 2019, Viacom purchased this very same free, ad-supported streaming service for a sum of $340 million. Currently, Tom Ryan, who was the previous CEO of Pluto TV, now holds the position of CEO at Paramount Streaming.
Ryan commented on Shultz’s LinkedIn post saying: “Jeff, I want to express my gratitude for the incredible work you’ve done for Paramount Streaming. The progress Pluto TV and Paramount+ have made wouldn’t have been possible without your skill, determination, positivity, and teamwork. Your impact will be deeply felt and we’ll miss you greatly for the tremendous contributions you’ve made.
6 and a half years ago, I celebrated Pluto TV’s acquisition by Viacom with my team in Santa Barbara, and I toasted to the moment with the words, ‘We’re just getting started.’ Even after all we have achieved since then, I still share that sentiment. With a blend of feelings, I announce that I will be departing from Paramount later this year.
As the head of Pluto TV, I negotiated a variety of service agreements, some of which included partnerships with heavyweights like the NFL, Major League Baseball, Warner Bros. Discovery, A+E Networks, AMC Networks, Sony Pictures Entertainment, Lionsgate, MGM, Fremantle, and Banijay Entertainment. Furthermore, under my guidance, Pluto TV established strategic partnerships with tech giants such as Amazon, Roku, Google, Apple, telecommunication leaders like T-Mobile, Verizon, Comcast, electronics manufacturers Samsung Electronics, LG Electronics, Vizio, and more, expanding our reach and enhancing the user experience.
2019 marked the year Viacom took over Pluto TV. At that time, it was generating approximately $70 million in earnings. Fast forward three years and, as stated by Shultz, Pluto TV had become a billion-dollar enterprise. In 2021, CBS All Access underwent a transformation, rebranding into Paramount+, thereby establishing the Paramount Streaming division. By the second quarter of 2024, this division reported an impressive revenue of $1.9 billion, accounting for a quarter of Paramount Global’s total earnings.
In a post on LinkedIn, Shultz expressed his heartfelt appreciation for the leadership and camaraderie of Tom Ryan, as well as the collaboration and outstanding performance of the Paramount Streaming team, which includes Elizabeth Wright, Domenic DiMeglio, Jeff Grossman, Amy Kuessner, Olivier Jollet, Marco Nobili, Erin Calhoun, and Abhinav Chopra.
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2024-10-18 22:16