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Aug. 23, 2024

Paramount Global to Shut Down Paramount Television Studios Amid Major Restructuring

The decision is part of a host of reorganisation measures by the company to cut costs.

US - In a significant move reflecting the ongoing turbulence in the entertainment industry, Paramount Global has announced the closure of Paramount Television Studios (PTVS). This decision comes as part of a broader restructuring effort aimed at streamlining operations and cutting costs, with the company seeking to eliminate $500 million in expenses.

The announcement was made by Nicole Clemens, President of PTVS, who expressed pride in the studio’s achievements over the past 11 years. “This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune,” Clemens stated in a memo to staff. She highlighted the studio’s resilience and creativity in overcoming numerous obstacles and its role in producing acclaimed series such as The Offer for Paramount+ and Jack Ryan for Amazon Prime Video.

The shutdown is part of Paramount Global’s preparation for its upcoming merger with Skydance Media2. All current series and development projects under PTVS will be transferred to CBS Studios3. This includes popular shows like Reacher, Time Bandits, and the upcoming Cross for Prime Video.

The decision to close PTVS is not a reflection of the studio’s performance but rather a response to significant changes in the TV and streaming marketplace. The industry has been undergoing rapid transformation, with new streaming platforms emerging and traditional media companies adapting to shifting consumer preferences.

Paramount Television Studios was established in 2013 as a strategic initiative to re-enter the television production space. Over the years, it has collaborated with top creative talents to produce a diverse slate of content, contributing to Paramount’s efforts to expand its footprint in the streaming era.

As the industry continues to evolve, Paramount Global’s restructuring efforts underscore the challenges faced by traditional media companies in navigating the complex landscape of modern entertainment. The closure of PTVS marks the end of an era but also signals a strategic pivot as Paramount Global positions itself for future growth and adaptation in a rapidly changing market.

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