AceShowbiz - The internal investigation into Jeff Shell at Paramount was initiated by R.J. Cipriani, a high-stakes gambler and entertainment figure who filed a whistleblower complaint against the studio chief.

R.J. Cipriani is known for co-creating and executive producing the Roku Spanish-language series Serenata De Las Estrellas, which features Latin artists such as Ozomatli and Los Lobos delivering surprise mini-concerts to fans facing hardships. Cipriani was introduced to Shell through their shared attorney, Patty Glaser, and had recently pitched Shell on acquiring the English-language adaptation of the show, titled Star Serenade.

Following a breakdown in their business talks, Cipriani raised allegations against Shell to Paramount. According to previous reports by The Hollywood Reporter, Shell is accused of improperly sharing sensitive information regarding the timing, financial details, and structure of his company’s $7.7 billion media rights deal with the Ultimate Fighting Championship. This deal, involving UFC’s parent company TKO Group Holdings, caused the stock to surge 10 percent upon announcement.

Of note, Patty Glaser has served as legal counsel for both Shell and Cipriani in matters related to the Serenata project. Cipriani’s current attorney, Steve Aaronoff, was formerly associated with Glaser. Glaser is a well-known Hollywood litigator, famously nicknamed "Ms. Glacier" by Kim Basinger during a 1990s legal dispute over the movie Boxing Helena. Glaser has not responded to inquiries regarding her dual representation in this conflict.

Both Cipriani and Shell have declined to comment on the ongoing investigation.

The controversy surrounding Shell emerges amid Paramount owner David Ellison’s aggressive $111 billion bid to take control of Warner Bros. Discovery, a move designed to outmaneuver Netflix pending regulatory approval.

Shell became Paramount’s leader after being dismissed as NBC Universal’s CEO due to sexual misconduct allegations involving a CNBC correspondent. Ellison has demonstrated a willingness to overlook such allegations in key hires, previously bringing on John Lasseter to head Skydance Animation and screenwriter Max Landis for a rebooted G.I. Joe project. Both Lasseter and Landis have publicly addressed past accusations of sexual misconduct.

Cipriani is a notorious figure both within and outside entertainment circles, known for his gambling exploits, networking, and whistleblowing. Last year, he publicly challenged the portrayal of his complex involvement with an international drug kingpin in a Mark Wahlberg-produced Amazon docuseries.