Jeff Shell is out as president of Paramount Skydance less than a year into the job, marking a stunning second downfall for the embattled media executive amid a bombshell lawsuit accusing him of leaking corporate secrets.

Shell’s ouster came Wednesday after weeks of turmoil tied to a $150 million lawsuit filed by a high-stakes gambler — and an internal probe into his conduct.

Paramount, or PSKY, announced the exit with a heavy dose of corporate-speak.

“Consistent with Mr. Shell’s commitment to prioritizing PSKY’s success, he has elected to transition from his positions as President of PSKY and a member of PSKY’s Board of Directors to focus on this lawsuit,” the company said in a statement. “PSKY is grateful for Mr. Shell’s many contributions and to have relied on him as a valued advisor.”

The dismissal marks the second time in just three years that Shell has been forced out of a top media job. He could not be reached Wednesday.

Shell was fired as CEO of NBCUniversal in 2023 after an internal investigation found he had an inappropriate relationship with a subordinate, then-CNBC anchor Hadley Gamble.

Shell and Paramount are being sued by RJ Cipriani, a Santa Monica, Calif.-based high-stakes gambler and self-described “fixer” who claims to operate behind the scenes placing stories and managing media narratives for powerful clients.

In his lawsuit, he alleges he provided Shell with 18 months of crisis communications and reputation management — including steering negative press and planting favorable coverage — without receiving payment.

In return, Cipriani says, Shell promised to help develop and air a television project tied to his late mother — a deal that Cipriani claims was never fulfilled.

Cipriani also alleged Shell disclosed sensitive, non-public details about Paramount’s multibillion-dollar deals — including its $7 billion UFC rights agreement and strategy surrounding its bid for Warner Bros. Discovery.

He has since filed a whistleblower complaint with the Securities and Exchange Commission tied to those alleged disclosures.

Deadline reported that a review conducted by outside counsel at Gibson Dunn found no evidence to support Cipriani’s claims that Shell improperly shared confidential information, though the lawsuit and related litigation remain ongoing.

“The facts demonstrated that these allegations do not establish a securities law violation,” Paramount said Wednesday.

“PSKY and its named Board members will respond in the proceedings to the frivolous and baseless claims against PSKY and its named Board members and stockholders,” it added.

Cipriani rejected the remarks.

“Paramount’s statement that these allegations do not establish a securities law violation by Jeff Shell is complete horses–t,” he told The Post.

“Paramount is trying everything possible to change the narrative that there was no wrongdoing so they can avoid my $150 million lawsuit, derivative lawsuits from shareholders and massive class-action suits,” he added.

Kaivan Shroff, a media and cultural analyst and founder of the Yale School of Management Social Media Hub, said it didn’t matter for Shell whether the allegation had been proven.

“At this level, it’s not about proving the allegations — it’s about whether the situation creates too big a risk,” he told The Post.

“Once a president is tied to claims about sharing confidential deal info, the company can’t afford to keep them in place. The standard isn’t guilt or whether a fancy law firm clears you … it’s whether you’ve become a liability. And he had.”

Last week, the Status newsletter reported that Shell and Paramount entered exit talks after CEO David Ellison decided that the Cipriani lawsuit was the last straw.