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This article covers a developing story. Continue to check back with us as we will be adding more information as it becomes available. The Big Picture Paramount TV Studios has announced that it will cease operations at the end of this week. The 11 year old studio shutting down comes with a round of layoffs that Paramount announced last week including 15% of its U.S. employees in addition to around 800 layoffs six months ago, according to The Hollywood Reporter.
President of the company Nicole Clemens and Paramount co-CEO George Cheeks told staff that Paramount TV Studios was shuttering this morning. It was also announced that Clemens will exit the company, and all current series and projects in development at Paramount TV Studios will move under the CBS Studios umbrella. Those shows include Reacher, Apple’s Time Bandits and Cross at Prime Video.
In a memo sent to staff Clemons says in part “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." Clemens joined Paramount TV Studios back in 2018 after working in the executive ranks at FX. She's also been a part of oversight of Paramount+ scripted content since 2021.
“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.”
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