(TheIndependentStar.com) – Amid sweeping layoffs and failed restructuring plans, legendary entertainment company Paramount Television Studios (PTVS) has just announced it is permanently shutting down.
President Nicole Clemens and co-CEO George Cheeks told the staff the news about Paramount Television would shut down by the end of the week, with Clemens leaving the company.
Projects currently in development, such as “Reacher,” “Time Bandits,” and “Cross,” will move under the CBS Studios umbrella.
Earlier this month, Paramount announced plans to cut about 15% of its U.S. workforce as part of future restructuring.
Cheeks, along with fellow CEOs Brian Robbins and Chris McCarthy, informed employees that layoffs would start this week.
According to The Hollywood Reporter, six months ago, Paramount laid off around 800 workers in a bid to save $500 million ahead of its merger with Skydance.
The upcoming layoffs are expected to roll out in three phases over the rest of the year.
“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,” Clemens wrote in a memo to staff.
“This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune,” she added.
In a follow-up memo, co-CEO Cheeks emphasized that the shutdown is not a decision based on how PTVS [Paramount Television Studios] performed.
This move is the result of significant changes in the TV and streaming marketplace and the need to streamline the company.
Though Paramount Television Studios is closing, Clemens noted that “our ethos will live on in shows that will continue to be enjoyed by global audiences for years to come.”
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