Paramount Television Studios Shutting Down Amid Cutbacks
deadline.comThere have been two major rounds of layoffs at Paramount Global this year, with Paramount Television Studios as a primary target in both.
After its team was gutted in the February 13 cuts, as part of today’s reductions, the division is being shuttered altogether.
It will cease operations after 11 years at the end of this week. Paramount TV Studios President Nicole Clemens and CBS President and CEO George Cheeks, who oversees the division, announced the decision in separate memos (You can read both below.) All current PTVS series and development projects will be folded into CBS Studios.
It is unclear whether any PTVS will transition as well. “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,” Cheeks said. “Under Nicole’s leadership, this studio consistently punched above its weight in attracting top storytellers and stars to create best-in-class series.
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