Paramount Television Studios, which has produced shows like “Reacher” on Amazon Prime Video , Showtime’s “A Gentleman in Moscow,” HBO’s “Station Eleven,” the series remake of “Fatal Attraction,” and more, is shutting down amid layoffs and other cost cuts at Paramount Global, IndieWire has learned.
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Paramount has begun to lay off 15 percent of its global workforce — many from the U.S. — and eliminating other redundant roles. The current Office of the CEO wants to find $500 million in annual cost-savings , and their soon-to-be bosses at Skydance aim to snowball that into $2 billion-worth of reduced expenses.
Paramount Television Studios has also had a hand in making series such as “Tom Clancy’s Jack Ryan” on Amazon Prime Video, “The Spiderwick Chronicles” on Roku, and most recently “Time Bandits” on Apple TV+. Paramount TV Studios also has several upcoming shows, including “Cross,” “Before,” and “Murderbot.”
Existing projects are expected to be folded into CBS Studios, and it’s unclear how many staffers, if any, would transition over to CBS Studios.
Nicole Clemens, president of Paramount Television Studios, announced the news to her employers in a note obtained by IndieWire; co-CEO George Cheeks took the message to the larger staff. Read both emails below.
Paramount Television Studios launched in 2013 as a division of Paramount Pictures. It was previously called Paramount Television, itself a revived brand that originally dated back to the ’60s and encompassed Desilu Studios. The division was formally renamed Paramount Television Studios in 2020 when Viacom and CBS merged to become ViacomCBS, which was later rebranded as Paramount Global.
Paramount executives told staff today it hopes to complete the bulk of the layoffs by the end of September, and the rest by the end of 2024.
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.
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“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
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