Paramount Global has announced the closure of its namesake television studio, Paramount Television Studios (PTVS), as part of a significant restructuring effort.
The studio, which has been a key player in the industry for 11 years, will cease operations at the end of this week, reported Deadline.
The decision comes amid broader layoffs at Paramount Global, with the company previously saying it will cut 15% of its U.S. workforce in an effort to save $500 million ahead of a planned merger with Skydance.
The closure of PTVS was communicated to staff on Tuesday morning by PTVS president Nicole Clemens and Paramount co-CEO George Cheeks in separate memos.
“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. “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.”
All current series and development projects under PTVS, including popular shows like “Reacher” and “Time Bandits,” will be folded into CBS Studios, which will now oversee these productions, the company added.
Clemens, who has led PTVS since 2018, will exit the company following the studio’s shutdown.
