Paramount Television Studios, the television arm of Paramount Pictures that is best known for its work on several popular shows, including Reacher, The Haunting of Hill House, Tom Clancy’s Jack Ryan, and, more recently, Time Bandits, will cease operations at the end of the week, according to a pair of memos that have been sent out to impacted employees from company executives, including one from Nicole Clemens (President, Paramount Television Studios) that explains how the closure is part of a restructuring plan, one that was prompted by what’s been described as a challenging and transformative time in the industry. The news comes on the same day that Paramount Global announced that it would be reducing its U.S.-based workforce by 15%; 90% of the total cuts are expected to occur by the end of September.
Clemens writes:
- “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.”
Some promos for those shows:
George Cheeks (Co-CEO, Paramount Global and President & CEO, CBS) noted in a separate memo:
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.