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Paramount TV Studios Closing Due to Major Restructuring and Cost Cuts

Aug 13, 2024 1 min read

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Paramount Global has announced the shutdown of Paramount Television Studios (PTVS) as part of a cost-cutting initiative. This move will result in the transfer of all current PTVS series and development projects to CBS Studios. The decision is part of a broader restructuring plan aimed at saving $500 million, ahead of a planned merger with Skydance Media. The layoffs will affect 15% of Paramount's U.S. workforce and will take place in phases, concluding by the end of September.

The decision to close PTVS comes amid significant changes in the TV and streaming marketplace. Paramount co-CEO George Cheeks emphasized that the closure was not a reflection of the studio's performance but rather a strategic move to streamline operations. PTVS, which had been producing television series since 2013, was part of Paramount Pictures' efforts to re-enter the TV business. Notable series produced by the studio include "The Offer," "13 Reasons Why," and "Jack Ryan." The announcement was made by Nicole Clemens, President of PTVS, and George Cheeks, President and CEO of CBS.

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