Paramount TV Studioshas announced that it will cease operations at the end of this week. The 11 year old studio shutting down comes with a round of layoffs thatParamountannounced last weekincluding 15% of its U.S. employeesin addition to around 800 layoffs six months ago,according to The Hollywood Reporter. These moves are all a part of an effort to save $500 million in costs ahead of a merger with Skydance.
President of the companyNicole Clemensand Paramount co-CEOGeorge Cheekstold staff that Paramount TV Studios was shuttering this morning. It was also announced that Clemens will exit the company, and all current series and projects in development at Paramount TV Studios will move under the CBS Studios umbrella. Those shows includeReacher, Apple’sTime BanditsandCrossat Prime Video.
In a memo sent to staff Clemons says in part “Paramount Global has made the difficult decision to close Paramount Television Studios as part of the company’s broader restructuring plans. This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune." Clemens joined Paramount TV Studios back in 2018 after working in the executive ranks atFX. She’s also been a part of oversight ofParamount+scripted content since 2021. She added:
“Over the past 11 years, PTVS has weathered seemingly insurmountable obstacles through a combination of strength, determination, and unwavering commitment. We met these challenges with incredible resilience, creativity, and passion for what we do, and I could not be prouder of our team.”
Paramount TV Studios Shutting Down Mirrors Changes in TV, Not Performance of Studio
An additional memo by co-CEO George Cheeks notes that the studio shutting down “is not a decision based on how PTVS performed." He says, “[t]his move is the result of significant changes in the TV and streaming marketplace and the need to streamline our company.” Back in July, it was announced that Paramount and Skydance would merge inan $8 billion deal. Paramount TV Studios’ current roster also includes AMC’sInterview With the Vampire, Before,andMurderbot.
Since those shows will now be moved under the CBS Studios umbrella, there does not seem to be cause for concern of the current fate of the showscurrently. The layoffs, execs told staff, will be taking place in three phases over the remainder of the year.
