In a significant yet poignant turn of events, Paramount Television Studios (PTVS) is closing its doors after an 11-year run. The closure, announced on Tuesday, is part of Paramount Global’s sweeping cost-cutting strategy as it prepares for an anticipated merger with Skydance Media. This move, though expected by industry insiders, marks the end of an era for PTVS, maker of , and more which has been a key player in Paramount’s portfolio.
The decision comes at a challenging time for the entertainment industry, particularly for traditional television. As Paramount Global looks to slash USD 500 million in costs, PTVS has become a casualty of this broader restructuring. All current series and development projects, including popular titles like and Tom Clancy’s , will be transitioned to CBS Studios.
. PTVS President Nicole Clemens, who has been with the studio since 2018, will be departing along with 20 to 30 employees as the studio shutters at the end of the week. In a heartfelt memo to her team, Clemens acknowledged the harsh realities of the current market.
“This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune,” she wrote, praising her team for their resilience and creativity in the face of numerous obstacles. Clemens expressed deep pride in her team’s dedication and passion, which she believes have been instrumental in the studio’s successes over the years. CBS President and CEO George Cheeks, who also ove.