Paramount is shutting down its TV studio, Paramount Television Studios, as it embarks on a round of cost cutting layoffs.
Operations will cease at the end of the week with president Nicole Clemens exiting the company and current series now being placed under the CBS Studios umbrella. Current shows include Time Bandits and Reacher.
In an internal memo to staff, Clemens said: “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. This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune.
“This has been the most formative chapter in my career, and that is mainly due to the remarkable colleagues I have had the honour to lead and learn from on a daily basis. Thank you for supporting me, inspiring me, and laughing with me for the last six years — I wouldn’t have wanted to be in the trenches with anyone else.”
Paramount co-CEO George Cheeks, sent a memo to staff, saying “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.
“I want to thank PTVS President Nicole Clemens and the talented team she built for the many signature hits they produced. 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.”
Jon Creamer
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