Paramount Global is closing its Paramount Television Studios as part of a round of cost-cutting.
The studio will cease operations at the end of the week. Paramount Television Studios President Nicole Clemens is to exit the company.
Paramount Television Studios produces shows such as Reacher for Amazon‘s Prime Video, The Spiderwick Chronicles for the Roku Channel, 13 Reasons Why for Netflix and Station Eleven for Warner Bros. Discovery.
Paramount Global’s larger television production arm, CBS Studios, will take responsibility for Paramount Television Studios’ shows as part of the restructuring. CBS Studios produces shows such as Star Trek, NCIS, Survivor and Elsbeth.
News of the closure comes after Paramount Global announced last week that it would reduce its U.S.-based workforce by 15% in an effort to save $500m in annual costs.
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“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,” Clemens wrote in a memo to staff. “This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune.”
Paramount co-CEO George Cheeks, said in a memo to staff: “To be clear, this is not a decision based on how Paramount Television Studios 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 Paramount Television Studios 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 Paramount Television Studios employee for shepherding a slate of shows that helped usher Paramount into the streaming era.”
Paramount Global houses networks such as CBS, MTV, Nickelodeon and Comedy Central as well as Paramount Pictures.
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