His company, Offspring Entertainment (which he co-owns with his sister) produces films and television for various studios and networks.
Shankman is also currently co-writing young adult novels for Simon & Schuster imprint Atheneum Books for Young Readers. The books, co-written with author Laura Lee Sullivan, follow the story of rags to riches Lucille O'Malley as she becomes Hollywood's "it girl", navigating a murder mystery and meeting her match, Frederick van der Waals.
Shankman was born in Los Angeles to an upper-middle-class Jewish family. He is the son of Phyllis (née Perper), a licensed practitioner in Gestalt therapy, and Ned Shankman, an entertainment lawyer and manager for such acts as Barry White, the American band X, and Sister Sledge. His sister Jennifer was born when Shankman was four years old. He attended Palisades High School before attending Juilliard School.

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