Paramount Television Studios Shutting Down Amid Cutbacks

There have been two major rounds of layoffs at Paramount Global this year, with Paramount Television Studios as a primary target in both. After its team was gutted in the February 13 cuts, as part of today’s (Aug. 13) reductions, the division is being shuttered altogether. It will cease operations after 11 years at the end of this week. Paramount TV Studios President Nicole Clemens and CBS President and Chief Executive Officer (CEO) George Cheeks, who oversees the division, announced the decision in separate memos (You can read both below.)

'First Wives Club,' 'The Offer,' 'Spiderwick Chronicles' and 'Time Bandits' | Everett Collection

PTVS’ shutdown will result in the exit of 20-30 employees. All current PTVS series and development projects will be folded into CBS Studios.

“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,” Cheeks said. “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.”

Headed into the current wave of layoffs that will impact 15% of Paramount Global’s U.S. workforce over the next few months for $500M in savings, there had been chatter about Paramount TV Studios as a potential casualty following a string of downsizing/consolidation moves since CBS Studios and Paramount TV Studios were put together under Cheeks’ purview in the fall of 2022.

Both Cheeks and Clemens tried to assuage fears at the time by assuring PTVS staff that the division would remain independent from the larger CBS Studios as the two combined support operations by centralizing finance, law, production and casting. The same year, Paramount TV Studios absorbed Paramount+’s scripted originals team. (Word is more P+ layoffs may be coming after Labor Day.)

In the most recent round of layoffs in February, PTVS consolidated development and current under Head of Development Jana Helman, with a slew of senior programming executives leaving. It also dissolved/downsized communications, marketing and post-production which are now handled by CBS Studios. Prior to that, Clemens, a well-liked veteran executive, revealed that the studio was no longer going to produce limited series except for third-party buyers.

Also possibly factoring into the decision to shut down PTVS is Paramount Global’s pending merger with Skydance whose television division is very similar in scope and output to PTVS. The two companies have collaborated on such series as Reacher, Tom Clancy’s Jack Ryan and the upcoming Cross.

Other notable series produced by PTVS over the years include 13 Reasons Why, The Alienist, Station Eleven, Time Bandits, and The Spiderwick Chronicles.

Speculation about CBS Studios and Paramount TV Studios combining has actually been around since the 2019 CBS-Viacom merger was announced. Launched by Paramount Pictures’ Brad Grey in 2013, Paramount TV Studios has been the smaller of the two and its volume was impacted when Paramount+ pared down its scripted originals ramp-up plans to stem streaming losses. The studio continued to sell to outside platforms.

In her note to staff, Clemens, who joined PTVS in 2018, reflected on the label’s legacy.

“Over the past 11 years, PTVS has weathered seemingly insurmountable obstacles through a combination of strength, determination, and unwavering commitment,” she said. “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.”

Here are the two memos:

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

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Originally published: August 13, 2024.

Original source: Deadline.

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