Paramount Global will be closing the doors of its namesake TV studio. The news arrived as part of a round of layoffs that Paramount announced last week, cutting 15% of its staff, about 800 jobs across the company.
The company is aiming to cut costs by about $500 million USD ahead of its planned merger with Skydance. Paramount TV president Nicole Clemens and CEO George Cheeks informed staff of the studio’s closure on Tuesday morning.
“This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune,” Clemens, who will also be leaving Paramount, wrote in a memo to staffers. She went on to say that over the past decade, the studio “has weathered seemingly insurmountable obstacles through a combination of strength, determination, and unwavering commitment."
"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.”
All of the TV shows under Paramount’s TV banner will move to CBS Studios, including Time Bandits and Cross.
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