Earlier in the month, culture secretary Jeremy Hunt confirmed that Shott - who is also an adviser to ITV - will handle an "independent commercial assessment" of Britain's beleaguered local TV sector.
In his review, Shott will "look at the potential for commercially viable local television stations within the local media landscape right across the nations and regions of the UK".
He will also consider how a new regulatory environment could "help nurture a new generation of hungry, ambitious and profitable local media companies".
According to The Financial Times, Shott has recruited Enders Analysis founder Claire Enders and ex-Competition Commission deputy chairman Lady Kingsmill for the review.
They will be joined by Richard Eyre, an ex-chairman of GCap and Brian Linden of private equity group Cinven.
Once the local TV review has been completed, its findings will be combined with a consultation into the UK's current cross-media ownership regulations.
The Department of Culture, Media and Sport then intends to publish a "local media action plan" in the autumn.