Paramount Television Studios Shuts Down Amid Paramount Layoffs

Paramount Television Studios will cease operations as part of larger cost-cutting at Paramount Global. The company has been in the news for the last several months as it has been up for sale, finally confirming a merger with Skydance. This led to Paramount announcing another round of layoffs that would affect 15% of its U.S. workforce. Paramount Television Studios was already a casualty of the workforce reduction back in February, and after 11 years in business, it will close its doors by the end of the week. The news came in memos sent out to employees by Paramount TV Studios President Nicole Clemens and CBS President and CEO George Cheeks.

CBS Studios will absorb Paramount Television Studios, with all current PTVS series and development projects moving to CBS Studios. The layoffs in February saw PTVS consolidate its projects under Head of Development Jana Helman. Other moves included senior staff members leaving the company, with other departments like marketing moving under CBS Studios. Some popular series produced by Paramount Television Studios include 13 Reasons Why, The Alienist, Station Eleven, Time Bandits, and The Spiderwick Chronicles.

You can read the email sent out by the Office of George Cheeks below:

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.

A short time ago, we informed the team at Paramount Television Studios (PTVS) that the studio will cease operations at the end of the week. 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.

Going forward, all current PTVS series and development projects will transition to CBS Studios.

In addition to PTVS, there are members of CBS teams who will be leaving the company. These are valued colleagues we admire and respect, whose talents contributed to the leadership position we enjoy today. I want to express my deepest gratitude for their contributions, hard work and dedication.

As we move forward, please keep these co-workers in your thoughts as our HR teams and their teammates help support them through this process.

There is a lot of news to unpack today. I know it’s unsettling. I continue to be impressed and grateful for our teams’ ability to stay focused and stick together during this transitional time.

George