Paramount TV Studios to Close After 11 Years: Major Layoffs at Paramount Global

After more than a decade of operation, Paramount Global has announced the end of Paramount Television Studios. The company executed substantial cuts back in February that heavily impacted PTVS, and after another recent round of layoffs, it has decided to shut down the division entirely, marking the end of its 11-year run.

The closure of PTVS will lead to the departure of 20 to 30 employees. All ongoing projects and series from PTVS will be transferred to CBS Studios. Paramount TV Studios President Nicole Clemens and CBS President and CEO George Cheeks communicated the decision to their respective teams through separate memos, expressing their gratitude and acknowledging the studio's contributions.

"This move is the result of significant changes in the TV and streaming marketplace and the need to streamline our company," said Cheeks. He added, "To be clear, this is not a decision based on how PTVS performed." Cheeks stated. He also praised PTVS under Clemens's leadership for its success in attracting top talent and producing high-quality series, thanking the team for their role in Paramount's transition into the streaming era.

This closure is part of a broader effort by Paramount Global to reduce its U.S. workforce by 15% over the coming months, aiming to save $500 million. There had been speculation about PTVS being a potential casualty following the integration of CBS Studios and Paramount TV Studios under Cheeks' oversight since the fall of 2022.

Despite previous assurances from Cheeks and Clemens that PTVS would remain distinct from CBS Studios, the consolidation of support functions such as finance, legal, production, and casting has led to significant restructuring. PTVS also absorbed Paramount+'s scripted originals team, a move that might be further affected by anticipated layoffs at Paramount+ after Labor Day.

In February's layoffs, PTVS saw a consolidation of development and current programming under Head of Development Jana Helman, with many senior executives departing. Additionally, the studio's communications, marketing, and post-production functions were downsized, with responsibilities now falling under CBS Studios. Clemens also noted that PTVS would no longer produce limited series except for third-party buyers.

The decision to close PTVS also intersects with Paramount Global's upcoming merger with Skydance, whose television division bears similarities to PTVS. The two companies have collaborated on popular series such as *Reacher*, *Tom Clancy's Jack Ryan*, and the forthcoming *Cross*.

Launched by Paramount Pictures' Brad Grey in 2013, PTVS has been a smaller player compared to CBS Studios and faced challenges as Paramount+ scaled back its scripted originals to address streaming losses. The studio has been known for producing notable series like *13 Reasons Why*, *The Alienist*, *Station Eleven*, *Time Bandits*, and *The Spiderwick Chronicles*.

Reflecting on the studio's legacy, Clemens expressed pride in the team's resilience and creativity. "Over the past 11 years, PTVS has weathered seemingly insurmountable obstacles through a combination of strength, determination, and unwavering commitment," Clemens wrote. "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."

Below are the full memos from Nicole Clemens and George Cheeks:

Note from Nicole Clemens: President, Paramount Television Studios

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

Note from George Cheeks: Co-CEO, Paramount Global and President & CEO, CBS

CBS Team,

As you saw from the email Brian, Chris and I sent earlier, this is a very difficult day at Paramount Global. I'm reaching out to share that today's news unfortunately impacts CBS, including one of our studios.

A short time ago, we informed the team at Paramount Television Studios (PTVS) that the studio will cease operations at the end of the week. 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.

I want to thank PTVS President Nicole Clemens and the talented team she built for the many signature hits they produced. Under Nicole's leadership, this studio consistently punched above its weight in attracting top storytellers and stars to create best-in-class series. I want to thank every PTVS employee for shepherding a slate of shows that helped usher Paramount into the streaming era.

Going forward, all current PTVS series and development projects will transition to CBS Studios.

In addition to PTVS, there are members of CBS teams who will be leaving the company. These are valued colleagues we admire and respect, whose talents contributed to the leadership position we enjoy today. I want to express my deepest gratitude for their contributions, hard work and dedication.

As we move forward, please keep these co-workers in your thoughts as our HR teams and their teammates help support them through this process.

There is a lot of news to unpack today. I know it's unsettling. I continue to be impressed and grateful for our teams' ability to stay focused and stick together during this transitional time.

George