Paramount Television Studios closed due to Paramount’s global cost cuts

Paramount Television Studios, a production facility originally intended to get Paramount Pictures back into TV series making, will close, the latest round of cost cuts by parent company Paramount Global, as it tries to eliminate $500 million amid a chaotic shift in economics. entertainment industry.

“This has been a challenging and transformative time for the entire industry, and unfortunately our studio is not immune,” Nicole Clemens, president of the unit, which debuted in 2013, said in a memo to employees. Over the past eleven years, she said, the studio has “overcome seemingly insurmountable obstacles through a combination of strength, determination and unwavering dedication. We have met these challenges with incredible resilience, creativity and passion for what we do, and I couldn’t be more proud of our team. We have also had the privilege of working with some of the most brilliant creative talent in the industry to help tell incredible stories seen around the world, entertain and shape culture.”

All current series and development projects created under the Paramount Television Studios umbrella will move to CBS Studios.

Paramount Television marked the second time that Paramount Pictures attempted to enter the TV business – apart from the legendary shingles built on the Desilu production studio founded by Lucille Ball and Desi Arnaz. That studio, which backed TV darlings like “I Love Lucy” and “Star Trek,” eventually became the center of Paramount Studios after a takeover by Gulf + Western, and would be inherited by CBS following the split of the company formerly known stood as Viacom Inc. in 2005.

The new Paramount Television Studios helped boost the movie studio, which was looking for ways to create programs related to its many famous films, including the Jack Ryan spy films or “The Godfather.” With more newly launched streamers hungry for content, the operating theory was that the new studio could help Paramount build alliances with a bevy of new broadband players hungry for content.

Under his auspices, the company produced “The Offer,” an insider’s account of the making of the landmark film, for Paramount+; and series based on Tom Clancy’s Jack Ryan character for Amazon Prime Video. Other series it produced include “The Spiderwick Chronicles for Roku” and a revival of the Terry Gilliam film “Time Bandits,” which is now a series on Apple’s streaming service.

“I would like to thank PTVS President Nicole Clemens and the talented team she has built for the many signature hits they have produced. Under Nicole’s leadership, this studio consistently punched above its weight in attracting top storytellers and stars to create the best series. I want to thank every PTVS employee for guiding a series of shows that helped Paramount usher into the streaming era,” said George Cheeks, co-CEO of Paramount Global, in a statement to employees. He added: “In addition to PTVS, there are members of CBS teams who will be leaving the company. These are valued colleagues whom we admire and respect, whose talents have contributed to the leadership position we enjoy today. I would like to express my deepest gratitude for their contributions, hard work and dedication.”