Paramount Global is doing away with its Paramount Television Studios (PTVS) business and will move all projects over to CBS Studios as part of broader cost cuts at the company.
PTVS is expected to be fully shut down by Friday, according to memos penned by high-level executives that were sent to employees on Tuesday, a move that will impact series like “Reacher,” “Time Bandits” and the television adaptation of “Interview with the Vampire.” All three of the series are developed by Paramount but distributed by other broadcasters.
“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,” Nicole Clemens, the President of PTVS, said in a memo to employees. “This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune.”
It was not clear how many employees would be laid off as part of the transition from PTVS to CBS Studios. Earlier this month, Paramount’s trio of co-CEOs affirmed the company was parting ways with around 2,000 employees as part of various cost-cutting moves ahead of its forthcoming merger with Skydance Media.
“To be clear, this is not a decision based on how PTVS performed,” co-CEO George Cheeks, who oversees the CBS business, said in a note to employees on Tuesday. “This move is the result of significant changes in the TV and streaming marketplace and the need to streamline our company.”
The full memos are available to read below…
Nicole Clemens memo:
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
George Cheeks memo:
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
