Paramount Global is shutting down Paramount Television Studios as part of a significant corporate restructuring effort, according to media reports. The closure, set to take effect at the end of the week, was announced to employees on Tuesday by Paramount Television Studios president Nicole Clemens and Paramount co-CEO George Cheeks. Clemens will be leaving the company, and all ongoing series and projects under the Paramount TV Studios banner, including popular titles like Reacher and Apple’s Time Bandits, as well as the upcoming Cross for Prime Video, will be transitioned to CBS Studios.
The move comes on the heels of Paramount’s announcement last week that it would be laying off 15% of its US workforce, following around 800 layoffs six months ago. The company is aiming to cut $500 million in costs as it prepares for a planned merger with Skydance. The layoffs, which began Tuesday, will occur in three phases over the course of the year, as communicated by Cheeks and fellow CEOs Brian Robbins and Chris McCarthy in a memo to staff.
Clemens addressed the closure in a memo, acknowledging the challenges faced by the industry and the studio’s efforts to overcome them. “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,” wrote Clemens. “This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune,” she added.
Reflecting on the studio’s journey over the past decade, Clemens praised the team’s resilience and dedication. “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.”
In a separate memo, Cheeks emphasized that the decision to close the studio was not a reflection of its performance but was driven by broader market dynamics. “This move is the result of significant changes in the TV and streaming marketplace and the need to streamline our company,” he noted.
Clemens, who joined Paramount Television Studios in 2018 after a career as an agent, manager, and executive at FX, expanded her role in 2021 to include oversight of Paramount+ scripted content.
The shutdown marks the end of an era for Paramount Television Studios, which had built a strong slate of programming including Reacher, Time Bandits, and upcoming projects like Before and Murderbot for Apple TV+. As the industry continues to evolve, Paramount’s restructuring signals a strategic shift as the company navigates the changing landscape of television and streaming.
Clemens’ and Cheeks’ memos to staff are below.
Clemens:
Dear PTVS Family,
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.
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.
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. We’ve cemented our legacy by shepherding some of the most influential, award-winning, and critically acclaimed shows in the streaming era with series like “13 Reasons Why,” “The Offer,” “Defending Jacob,” “The Alienist,” “The Haunting of Hill House,” “Station Eleven,” “Time Bandits,” and many more. We have broken streaming platform records with “Tom Clancy’s Jack Ryan,” “Reacher,” and “The Spiderwick Chronicles.” Our upcoming shows, “Cross,” “Before,” and “Murderbot,” are sure to join the ranks of those hits.
This has been the most formative chapter in my career, and that is mainly due to the remarkable colleagues I have had the honor 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.
I want to thank George Cheeks for his leadership and support through it all. There will undoubtedly be some tears as we move on, but this business is a marathon, and I am certain that we will cross paths, if not work together, again.
“Often when you think you’re at the end of something, you’re at the beginning of something else.” – Fred Rogers
With heartfelt gratitude,
Nicole
*
Cheeks:
CBS Team,
As you saw from the email Brian, Chris and I sent earlier, this is a very difficult day at Paramount Global. I’m reaching out to share that today’s news unfortunately impacts CBS, including one of our studios.
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