Paramount TV Studios is shutting down amid major layoffs and restructuring plans. President Nicole Clemens and co-CEO George Cheeks told staff that Paramount Television will cease operations at the week’s end and Clemens will exit the company, reported Tuesday. All current projects and series that are in development will shift over to the CBS Studios umbrella.
Affected titles include “Reacher,” “Time Bandits” and “Cross.” during the first week of August that roughly 15% of its U.S.
as part of their future plans. Cheeks and fellow CEOs Brian Robbins and Chris McCarthy informed staff that layoffs will begin Tuesday. Attendees walk by the booth for the Paramount+ streaming service during San Diego Comic-Con International in San Diego, California, on July 24, 2022.
(Photo by CHRIS DELMAS/AFP via Getty Images) Paramount laid off roughly 800 employees six months ago in a declared effort to save the company $500 million in costs before their merger with Skydance, according to The Hollywood Reporter. The next layoffs are expected to take place in three phases over the remainder of the year. “As you’re all aware, Paramount Global has made the difficult decision to close Paramount Television Studios as part of the company’s broader restructuring plans,” Clemens wrote in a memo to staff.
HOLLYWOOD, CA – JULY 14: General view of the Paramount Pictures water tower on the Paramount Studio lot amid the historic joint WGA & SAG-AFTRA writers and actors strike on July 14, 2023 in Hollywood, California. (Photo by AaronP/Bauer-Griffin/GC Images/Getty Images) “This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune,” she said, according to The Hollywood Reporter. Cheeks went on to say in a secondary memo that the shutdown of the studio “is not a decision based on how PTVS [Paramount Television Studios] performed.
This move is the result of significant changes in the TV and streaming marketplace and the need to streamline our company.” “Although Paramount Television Studios is ending, our ethos will live on in shows that will continue to be enjoyed by global audiences for years to come,” she continued..
