Paramount Global Layoffs: Paramount Television Studios, Maker of ‘13 Reasons Why’ Shuts Down After 11 Years Amid Cost-Cutting Push
Paramount Television Studios is shutting down this week after 11 years, following significant layoffs by Paramount Global. All current and future projects will be transitioned to CBS Studios.
In a significant yet poignant turn of events, Paramount Television Studios (PTVS) is closing its doors after an 11-year run. The closure, announced on Tuesday, is part of Paramount Global’s sweeping cost-cutting strategy as it prepares for an anticipated merger with Skydance Media. This move, though expected by industry insiders, marks the end of an era for PTVS, maker of 13 Reasons Why, The Haunting of Hill House and more which has been a key player in Paramount’s portfolio. The decision comes at a challenging time for the entertainment industry, particularly for traditional television. As Paramount Global looks to slash USD 500 million in costs, PTVS has become a casualty of this broader restructuring. All current series and development projects, including popular titles like Reacher and Tom Clancy’s Jack Ryan, will be transitioned to CBS Studios. Paramount Global Layoffs: Entertainment Company Behind Paramount Pictures To Lay Off 15% of Its US Employees Amid Cost-Cutting Plan.
PTVS President Nicole Clemens, who has been with the studio since 2018, will be departing along with 20 to 30 employees as the studio shutters at the end of the week. In a heartfelt memo to her team, Clemens acknowledged the harsh realities of the current market. “This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune,” she wrote, praising her team for their resilience and creativity in the face of numerous obstacles. Clemens expressed deep pride in her team’s dedication and passion, which she believes have been instrumental in the studio’s successes over the years.
CBS President and CEO George Cheeks, who also oversees PTVS, clarified in a separate memo that the decision to shut down the studio was not a reflection of its performance. Instead, it was a necessary step in response to the rapid changes in the television and streaming markets. This restructuring is part of Paramount Global’s broader strategy, which includes laying off approximately 2,000 US-based employees—following an earlier reduction of 800 staff in February. Paramount Layoffs: Entertainment Company To Continue Job Cuts Until Skydance Deal Closes, Says Report.
As Paramount prepares for its merger with Skydance Media, the company is poised to consolidate its operations and focus on core areas to remain competitive in an ever-evolving industry. The merger is expected to finalise in the first half of 2025, but until then, the landscape remains uncertain, with other companies like Sony Pictures having reportedly bowed out of any rival bids.
(The above story first appeared on LatestLY on Aug 14, 2024 07:38 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).