Posted in: Paramount+, streaming, TV | Tagged: jack ryan, Paramount Global, Paramount Television Studios, the offer, time bandits

Paramount Global Cost-Cutting Shuts Down Paramount Television Studios

Paramount Global has shut down Paramount Television Studios (Reacher, Jack Ryan) to help recoup $500 million in costs by the end of the year.

Earlier this week, the news came down that Paramount Global co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins would begin cutting 15% of the company's global workforce in an effort to eliminate approximately $500 million in costs by the end of the year. This afternoon, we learned those efforts would include shuttering Paramount Television Studios, a production facility originally aimed at getting Paramount Pictures back into the business of making TV series, will shut down, with all current series and projects in development being shifted over to CBS Studios. Originally opening up shop in 2013, the studio would go on to produce series such as Shooter, A Series of Unfortunate Events, 13 Reasons Why, The Haunting of Hill House, Jack Ryan, Watchmen, Defending Jacob, The Haunting of Bly Manor, Heels, Station Eleven, Reacher, and many others. Over the past few years, the studio was charged with developing series based on the company's IP library, resulting in series such as Fatal Attraction, Grease: Rise of the Pink Ladies, American Gigolo, and The Offer (about the making of "The Godfather").

"This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune," shared Nicole Clemens in their memo – adding that the studio "has weathered seemingly insurmountable obstacles through a combination of strength, determination, and unwavering commitment" over the past 11 years. "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."

Cheeks added in a statement, "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. Cheeks added, "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."

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