Paramount Television Studios To Shutter

After 11 years, Paramount Television Studios will cease operations at the end of this week. Paramount TV Studios President Nicole Clemens and Paramount Global CEO George Cheeks announced the news in two separate memos.

Variety reports that Clemens, president of the unit, shared the following message with Paramount Television Studios staffers in a memo: “This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune.”

Clemens continued, “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. We’ve also had the privilege to collaborate with some of the most brilliant creative talent in the industry to help tell incredible stories seen around the world, entertaining and shaping culture.”

Paramount Television Studios Shutting Down Amid Cutbacks https://t.co/YV51LyTJiC

— Deadline Hollywood (@DEADLINE) August 13, 2024

“To be clear, this is not a decision based on how PTVS performed. This move is the result of significant changes in the TV and streaming marketplace and the need to streamline our company,” Cheeks said separately, per Deadline. “Under Nicole’s leadership, this studio consistently punched above its weight in attracting top storytellers and stars to create best-in-class series. I want to thank every PTVS employee for shepherding a slate of shows that helped usher Paramount into the streaming era.”

Reuters reports that the company will lay off 15% of its workforce in the United States. Through this restructuring, Paramount aims to reduce annual costs by $500 million. According to Cheeks, all series and development projects currently under the Paramount Television Studios umbrella will be transferred to CBS Studios.

Deadline also reported that a factor in shuttering Paramount Television Studios could be the pending merger between Paramount Global and Skydance. However, that has yet to be confirmed. Paramount owns the networks CBS, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+, and Pluto TV.