Paramount Television Studios Closes Amid Restructuring

Paramount Global is shutting down Paramount Television Studios (PTVS) as part of a company-wide restructuring to cut costs. This closure comes as the company navigates a changing television and streaming landscape. President Nicole Clemens will depart, and all PTVS series, including hits like Reacher, will move to CBS Studios.

This decision follows recent layoffs impacting 15% of Paramount’s U.S. workforce, coming after 800 employees were let go six months earlier. The company aims to save $500 million ahead of a planned merger with Skydance. The closure isn’t a reflection of PTVS’s performance, but a strategic response to industry changes.

PTVS boasts a successful history with shows like 13 Reasons Why and The Offer. It also broke streaming records with Tom Clancy’s Jack Ryan and Reacher. Despite these successes, Paramount deemed the closure necessary for streamlining and adaptation. Upcoming shows like Apple TV+’s Before will continue under CBS Studios.

In a memo, Clemens acknowledged the challenges and praised the PTVS team. She highlighted the studio’s impactful storytelling legacy. Co-CEO George Cheeks confirmed the decision was driven by market forces, not PTVS’s performance, and lauded Clemens’ leadership. The transition ensures ongoing productions will continue.

This closure signifies a shift in television production and highlights the challenges media companies face. Integrating PTVS into CBS Studios will streamline operations and consolidate resources, allowing Paramount to navigate the streaming era and remain competitive.