Paramount Shutting Down Its Flagship Studio
Cutting 3,250 jobs
Paramount TV Studios Shutting Down Amid Major Restructuring, Layoffs
Projects at the Nicole Clemens-led unit will move under the CBS Studios umbrella.
BY RICK PORTER
AUGUST 13, 2024 10:15AM
Paramount Global is shutting down its namesake TV studio as the company embarks on a major round of layoffs.
Paramount Television Studios will cease operations at the end of the week, president Nicole Clemens and Paramount co-CEO George Cheeks told staff Tuesday morning. Clemens will exit the company, and all current series and projects in development at Paramount TV Studios — including Reacher, Apple’s Time Bandits and the upcoming Cross at Prime Video — will move under the CBS Studios umbrella.
Paramount announced last week that it would lay off 15 percent of its U.S. employees — on top of about 800 layoffs six months ago — as part of an effort to save $500 million in costs ahead of a planned merger with Skydance. Cheeks and fellow CEOs Brian Robbins and Chris McCarthy told staff earlier Tuesday that layoffs would begin that day and take place in three phases over the remainder of the year.
“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 (read it in full below). “This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune.
“Over the past 11 years, PTVS 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.”
In a separate memo, Cheeks noted that the shutdown of the studio “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.”
Clemens joined Paramount TV Studios in 2018 after working as an agent and manager and in the executive ranks at FX. She added oversight of Paramount+ scripted content to her portfolio in 2021.
In addition to Reacher (co-produced with Skydance TV), Time Bandits and Cross, Paramount TV Studios’ current roster includes the upcoming shows Before and Murderbot, both for Apple TV+.
Clemens’ and Cheeks’ memos to staff are below.
Clemens:
Dear PTVS Family,
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. This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune.
Over the past 11 years, PTVS 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.
Although Paramount Television Studios is ending, our ethos will live on in shows that will continue to be enjoyed by global audiences for years to come. We’ve cemented our legacy by shepherding some of the most influential, award-winning, and critically acclaimed shows in the streaming era with series like “13 Reasons Why,” “The Offer,” “Defending Jacob,” “The Alienist,” “The Haunting of Hill House,” “Station Eleven,” “Time Bandits,” and many more. We have broken streaming platform records with “Tom Clancy’s Jack Ryan,” “Reacher,” and “The Spiderwick Chronicles.” Our upcoming shows, “Cross,” “Before,” and “Murderbot,” are sure to join the ranks of those hits.
This has been the most formative chapter in my career, and that is mainly due to the remarkable colleagues I have had the honor to lead and learn from on a daily basis. Thank you for supporting me, inspiring me, and laughing with me for the last six years — I wouldn’t have wanted to be in the trenches with anyone else.
I want to thank George Cheeks for his leadership and support through it all. There will undoubtedly be some tears as we move on, but this business is a marathon, and I am certain that we will cross paths, if not work together, again.
“Often when you think you’re at the end of something, you’re at the beginning of something else.” – Fred Rogers
With heartfelt gratitude,
Nicole
***
Cheeks:
CBS Team,
As you saw from the email Brian, Chris and I sent earlier, this is a very difficult day at Paramount Global.
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https://www.hollywoodreporter.com/business/business-news/paramount-tv-studios-shutting-down-1235973227/