Is Paramount TV Studios shutting down? Everything we know so far

Paramount TV Studios (PTVS) will be shutting down its operations by the end of the week, as reported by Variety on August 13, 2024. It was launched in 2013 by Paramount Pictures and enjoyed a successful run of 11 years before the parent firm Paramount Global decided to pull the plug on the production company.

The news comes as no surprise as PTVS was affected by a massive layoff in February 2024, which significantly downsized the firm. This step was reportedly taken to cut costs and restructure the company.

Nicole Clemens, president of Paramount TV Studios, released a memo to the staff members stating:

"This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune. Over the past 11 years, the studio has weathered seemingly insurmountable obstacles through a combination of strength, determination, and unwavering commitment."

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What is the reason behind Paramount TV Studios shutting down?

Poster of the Prime Video series Reacher, which is produced by Paramount TV Studios (Image via Instagram/@)Paramounttelevisionstudios)

Like other American media companies, Paramount Global has had to contend with the decrease in television viewership due to the popularity of streaming platforms in recent years. The TV Studio has been a prime target of the company's efforts to streamline the business as it goes ahead with its plans to merge with Skydance Media.

By the end of 2024, the conglomerate aims to reduce its US-based workforce by around 15 percent and cut $500 million in costs.

PTVS President Nicole Clemens mentioned in a memo to the staff members:

"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.”

An image from the show The Alienist, also produced by Paramount TV Studios (Image via Instagram/@Paramounttelevisionstudios)

Echoing the same sentiment, CBS President and CEO George Cheeks (who oversees the division) stated in a separate memo to employees:

“To be clear, this 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. Under Nicole’s leadership, this studio consistently punched above its weight in attracting top storytellers and stars to create best-in-class series."

George added:

"I want to thank every PTVS employee for shepherding a slate of shows that helped usher Paramount into the streaming era.”

Variety announced that all the development projects and PTVS-produced shows including Jack Ryan, Cross, Reacher, and Time Bandits will find a new home at CBS Studios.

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