The news comes as part of a round of layoffs Paramount announced last week, cutting 15% of its workforce, some 800 jobs across the company.
Paramount Global announced that it would close the doors of its television studio, Paramount Television Studios (PTVS). The company aims to cut costs by about $500 million before its planned merger with Skydance. Paramount TV president Nicole Clemens and CEO George Cheeks informed staff of the studio’s closure Tuesday morning.
“This has been a difficult and transformational time for the entire industry, and unfortunately, our studio is not immune,” Nicole Clemens, president of Paramount Television Studios, said in a memo to staff.
The studio is behind 13 Reasons Why, The Alienist, The Haunting of Hill House, Station Eleven, Tom Clancy’s Jack Ryan, Reacher, and The Spiderwick Chronicles. Upcoming series include Cross, Before, and Murderbot.
“Over the past 11 years, PTVS has overcome seemingly insurmountable obstacles through strength, determination, and unwavering commitment,” Clemens added. “We have overcome these challenges with incredible resilience, creativity, and passion for what we do, and I couldn’t be prouder of our team. We’ve also had the privilege of collaborating with some of the industry’s brightest creatives to help tell incredible stories seen around the world, entertaining and shaping culture.”
“While Paramount Television Studios ends, our spirit will live on in programs that will continue to be enjoyed by audiences worldwide for years to come.”
The studio will cease operations later this week. Going forward, all PTVS series and projects in development will move to CBS Studios.
“To be clear, this is not a decision based on PTVS performance,” said George Cheeks, co-CEO of Paramount Global and president and CEO of CBS, in a note to staff. “This move results from significant changes in the television and streaming marketplace and the need to streamline our business.”
