Paramount Television Studios is closing its doors for good.
The production company was initially opened by Paramount Pictures 11 years ago to supply the small screen with original stories and shows based on titles from the studio's theatrical catalog. Variety reported that the TV studio will cease operations by week's end, as a result of Paramount Global's ongoing cost-cutting aimed at stamping out $500 million in charges amid the company's pending merger with Skydance Media.
Paramount Global initiated two big layoffs this year, and the production facility bore the brunt both times. The studio's staff was mostly eliminated back in February, and with these new cuts, the production company will cease to exist.
Paramount TV Studios President Nicole Clemens and CBS President and CEO George Cheeks released separate memos to employees about the news. According to Cheeks, the division's elimination is due to industry shifts and isn't performance-based.
"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," he said in the memo supplied to Variety. "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."
Every Paramount Television Studios show and development project will move to CBS Studios.
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Lisa Kudrow stars in Time Bandits on Apple TV Plus, another show put together by Paramount Television Studios.
Apple TV PlusParamount Television Studios was Paramount's attempt at carving out a new niche in the TV landscape. After all, Paramount was part of a wave that changed how television worked, with iconic programs like I Love Lucy and Star Trek.
Eleven years ago, streaming TV was finding its stride, and programs like Breaking Bad, Game of Thrones and The Walking Dead were paving the way for a new and exciting era of television programming.
Paramount TV Studios entered the field and produced shows like Prime Video's Jack Ryan (based on Tom Clancy's popular book series), Netflix's 13 Reasons Why, AMC's Station Eleven, Apple TV Plus' Time Bandits and The Offer -- an originally scripted show inspired by the true story of bringing The Godfather to the big screen.
"Over the past 11 years, PTVS has weathered seemingly insurmountable obstacles through a combination of strength, determination, and unwavering commitment," Clemens said in her memo. "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."