An experimental investigation is reported on the effect of shear on the bursting of molten ultrathin polymer films embedded in an immiscible matrix. By use of an optical microscope coupled with a shearing hot stage, the dewetting dynamics, i.e., the growth of dewetting holes, is monitored over time at various shear rates. It is observed that their circularity is modified by shear and that for all temperatures and thicknesses studied the growth speed of the formed holes rapidly increases with increasing shear rate. A model balancing capillary forces and viscous dissipation while taking into account shear thinning is then proposed and captures the main features of the experimental data, such as the ellipsoid shape of the holes and the faster dynamics in the direction parallel to the shear. This research will help to understand the instabilities occurring during processing of layered polymeric structures, such as multilayer coextrusion.