Sherry was born in Chicago and pursued an acting career after graduating from Northwestern University. After appearing in two films, Loving (1970) and Rio Lobo (1970), Sherry decided to leave the acting field. In 1974, Sherry joined Talent Associates, as an executive in charge of development. Three years later, she was appointed vice president in charge of production at Columbia. With the success that she achieved with a number of profitable movies, she was hired as President of 20th Century-Fox. In 1984, she joined Stanley R. Jaffe to form the independent production company, named Jaffee-Lansing. When Jaffee was appointed president of Paramount Communications in 1990, Sherry became Chairman of Paramount Pictures' Motion Picture Group.
