Former NBCUniversal and Paramount Skydance executive Jeff Shell is reportedly planning a standalone investment vehicle to acquire and manage linear-television assets. TheWrap reported on October 15, 2026, that the proposed launch window is the first or second quarter of 2027, with cable networks, individual stations and station groups among the possible targets.
Shell is said to be discussing financing with Gerry Cardinale’s RedBird Capital Partners. No commitment amount, legal entity, signed financing agreement, portfolio or formal fund close has been disclosed, so this remains a reported plan rather than a completed investment launch.
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What Shell is reportedly building
The proposed vehicle would focus on businesses whose traditional television economics are under pressure but that may still generate distributable cash. The reported operating idea is to own declining linear assets, use the cash they produce and develop adjacent businesses around them. That could mean digital products, streaming extensions, advertising initiatives or other services that make better use of existing audiences and infrastructure, although no specific projects have been announced.
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Puck’s Matthew Belloni characterized the move as Shell’s next comeback and as an attempt to capture the remaining economics in linear television. That is analysis, not a statement of Shell’s announced strategy or a disclosed return forecast.
What assets could be included
| Asset type | What the report says | Potential strategic role | What is not known |
|---|---|---|---|
| Cable networks | Could be acquired or receive investment | Harvest existing distribution, advertising and licensing cash flow while managing subscriber decline | No network names, prices, ownership percentages or timetable |
| Individual broadcast stations | Listed among possible targets | Retain local reach, advertising relationships and valuable broadcast distribution | No markets, station names or regulatory structure |
| Station groups | Could also be pursued | Gain scale across markets and share operating, sales and technology resources | No group has been identified and no portfolio has been finalized |
The categories matter because “linear television” is not a single economic product. Broadcast stations can retain broad over-the-air reach and local advertising, while cable networks depend more heavily on pay-TV distribution and bundle economics. A vehicle that mixes the two would need separate operating and capital plans rather than one assumption about decline.
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Why the thesis focuses on declining assets
Buying a shrinking business can make sense when its cash generation exceeds the price paid and management can slow the decline, reduce costs or create new revenue streams. In this case, the reported thesis is not that linear television will return to growth. It is that mature assets may still throw off cash during a long transition, giving an owner time to extend their brands and capabilities into adjacent businesses.
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The approach also creates a clear set of constraints. Distribution exposure, affiliate-fee pressure, advertising volatility and cord-cutting can reduce cash faster than expected. A buyer would have to balance near-term distributions against spending on digital products, content, technology and sales operations. The current report supplies no valuation, leverage target, cash-flow forecast or expected investor return.
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- Breathtaking picture quality: Stunningly sharp 4K picture brings out rich detail in your entertainment with four times the resolution of HD. Watch as colors pop off your screen and enjoy lifelike clarity with Dolby Vision and HDR10+.
- Seamless streaming for any room: With Roku Streaming Stick 4K, watch your favorite entertainment on any TV in the house, even in rooms farther from your router thanks to the long-range Wi-Fi receiver.
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Shell’s experience in broadcast, cable and streaming
Shell’s recent operating history helps explain why he may distinguish among these assets. The July 7, 2024 announcement of the Skydance-Paramount transaction named David Ellison chairman and chief executive officer and Jeff Shell president of New Paramount. It described a combined company spanning Paramount+, Pluto, CBS and other linear networks. The announcement also said the Ellison family and RedBird Capital Partners would invest more than $8 billion in New Paramount. That figure belongs to the earlier Paramount transaction; it is not disclosed capital for Shell’s proposed vehicle.
In Paramount Skydance’s third-quarter 2025 earnings-call transcript, Shell described the relative performance of broadcast and cable this way:
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“On the broadcast side, obviously, it is declining. It is a linear asset like any other linear asset, but the declines are very modest compared to the cable side. On the flip side, cable is continuing to decline, and each quarter is accelerating decline, not just for us but for everybody around the media business.”
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He also said, “It is increasingly clear that streaming, first and foremost, is a replacement for the multi-channel cable environment.” His comments indicate that broadcast reach may remain strategically useful even as streaming captures a larger share of viewing and spending, while cable faces a steeper distribution problem.
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Shari Redstone, then chair of Paramount Global and National Amusements, said in the 2024 transaction announcement: “Given the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king.” That statement provides context for the broader industry shift but does not confirm terms for Shell’s new venture.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is RedBird financing the venture?
RedBird Capital Partners is reportedly in talks to finance the vehicle, but the reporting does not establish that an agreement has been signed. The size of any possible commitment is unknown, as are the financing instrument, ownership split, governance rights, fund life and whether other investors are involved.
RedBird’s connection to Shell is established through the 2024 Paramount transaction, yet that prior investment should not be treated as evidence that the new vehicle has been funded. Until the parties announce definitive documents or a closing, “backed by RedBird” would overstate the available facts.
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- Form the investment entity: Shell and any partners would need to establish the legal structure, mandate and authority to acquire broadcast and cable assets.
- Secure committed capital: Financing discussions would need to become binding commitments, with disclosed amounts and terms.
- Set the portfolio strategy: Investors would need to decide how much exposure belongs in cable networks, individual stations, station groups and adjacent businesses.
- Evaluate targets: Each deal would require analysis of distribution contracts, advertising trends, debt, local-market rules, content rights and realistic cash-flow durability.
- Close transactions and operate them: Any acquisition would still require negotiations, regulatory review where applicable and an operating plan for extending the assets beyond traditional linear distribution.
None of those steps has been publicly documented for Shell’s vehicle beyond the reported planning and financing discussions.
Key questions for investors and the industry
- Will the vehicle prioritize broadcast stations, cable networks or a mixed portfolio?
- How much decline can the owners tolerate before investing in digital extensions?
- Will acquisitions be financed conservatively to protect cash distributions, or will leverage amplify both returns and risk?
- Can local broadcast reach and established brands be converted into streaming, data, advertising or other businesses without excessive new spending?
- Who will govern the vehicle, and will Shell act as an operator, an investment manager or both?
The October 15 report answers none of these questions with finalized terms. It establishes a proposed direction: acquire or invest in linear assets, manage them for remaining cash economics and build around them as viewing migrates to streaming.
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