Jeff Schultz, the chief business development officer and chief strategy officer of Paramount Global’s streaming business unit, will depart the company at the end of the year.
The announcement was made in a social media post, through which Schultz reflected on his time spent at Paramount and his work at the company’s free, ad-supported streaming television (FAST) service Pluto TV.
“What became unquestionably the most productive period of my career began 10 years ago when I bumped into Tom Ryan in LA,” Schultz wrote, referring to the co-founder of Pluto TV, which Paramount’s predecessor Viacom Corporation acquired in 2019.
Schultz continued: “He told me about a video service he had started that was linear and free. Before I could tell him he was crazy, he asked me to be an advisor to the company. Three years later, I joined Pluto TV full-time.”
After Viacom, now Paramount, took over Pluto TV, Schultz remained with the company and strategized on ways to transform their premium product, CBS All Access, into what is now Paramount Plus with Showtime.
Throughout his time, Schultz worked with various content producers and entertainment stakeholders who helped beef up Paramount Plus and Pluto TV’s offerings, including Amazon, Roku, Google, Samsung, LG, Vizio, the National Football League (NFL), Major League Baseball (MLB), Warner Bros Discovery (WBD), AMC Networks, Sony and Lionsgate — just to name a few.
His strategy helped transform Pluto TV from a company that earned Pluto TV around $70 million during its first year under Paramount’s ownership to a billion-dollar business — and helped Paramount’s streaming business achieve full profitability for the first time this year.
“Years ago, the vision for Paramount Streaming easily could have been criticized as too daring,” Schultz said. “Today, after announcing our first globally-profitable quarter, there is no denying Paramount Streaming is a success.”
It was not clear from Schultz’s note if his departure was entirely his own decision, or part of a broader restructuring at Paramount tied to the company’s impending merger with Skydance Media. The company has increasingly looked at ways to reduce expenses as the closing date for the Skydance transaction nears; part of that strategy involves workforce reductions that have led to hundreds of employees being laid off over the past year.
Schultz full memo as posted to social media is available below:
Six and a half years ago, celebrating the acquisition of Pluto TV by Viacom with the team in Santa Barbara, I gave a toast recognizing the moment that concluded: “We’re just getting started.” Despite all we have accomplished since then, I still feel the same way. So with mixed emotions, I share that I will be leaving Paramount later this year.
What became unquestionably the most productive period of my career began 10 years ago when I bumped into Tom Ryan in LA. He told me about a video service he had started that was LINEAR and FREE. Before I could tell him he was crazy, he asked me to be an advisor to the company. Three years later I joined Pluto TV full time.
Against all odds, we went on to grow TWO hashtag#streaming services from emerging products to global scale. We pioneered Paramount’s unique free and pay streaming strategy. We brought National Football League (NFL), Major League Baseball (MLB), Warner Bros. Discovery, A+E Networks, AMC Networks, Sony Pictures Entertainment, Lionsgate, MGM, Fremantle, Banijay Entertainment and dozens more content partners to hashtag#FAST. We built scaled partnerships with Amazon, Roku, Google, Apple, T-Mobile, Verizon, Comcast, Samsung Electronics, LG Electronics, VIZIO, and many more. And we built industry-first partnership innovations with Walmart and Delta Air Lines.
Years ago, the vision for Paramount Streaming easily could have been criticized as too daring. Today, after announcing our first globally profitable quarter, there is no denying Paramount Streaming is a success. The year of the acquisition, Pluto TV would generate about $70 million in revenue. Just three years later Pluto TV was a billion-dollar business. The following year, we launched Paramount Plus to create the Paramount Streaming division. And another three years later, the division reported Q2 revenue of $1.9 billion, over $7.5 billion annually and a quarter of Paramount Global revenue.
This has only been possible because of the effort and belief of an extraordinary team. I am especially proud of the central role Brendon Thomas, Mitchel Carbullido, Angela Heckman, Andrea Wolinetz, Nic Lamb, Matt McMahon, and the global Strategy and DBD teams played in that success. Their skill and dedication will be key to the future of Paramount+, Pluto TV, and Paramount Global. I am also deeply grateful for the leadership and friendship of Tom Ryan, and the partnership and excellence of the Paramount Streaming leadership team Elizabeth Wright, Domenic DiMeglio, Jeff Grossman, Amy Kuessner, Olivier Jollet, Marco Nobili, Erin Calhoun, and Abhinav Chopra.
Those who know me well know this was never just a job. To my many business partners, I am so grateful for the critical role you played in the growth of Pluto TV and Paramount+. I will see you soon. 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.
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