Paramount Global said on Tuesday it would close its television studios and lay off thousands of employees amid an uncertain future for the industry.
The company announced that it will close Paramount Television Studios later this week, with president Nicole Clemens saying in a memo to staff on Tuesday morning that industry-wide changes are having a major impact on the studio.
“As you all know, Paramount Global has made the difficult decision to close Paramount Television Studios as part of the company’s broader restructuring plans.” The note read:“This is a challenging and transformative time for the entire industry, and unfortunately our studio is no exception.
“Over the past 11 years, PTVS has overcome seemingly insurmountable obstacles through a combination of strength, determination and unwavering commitment. We faced these challenges with incredible resilience, creativity and passion for our work. I couldn’t be more proud of our team,” he added.
Paramount co-CEO George Cheeks is leaving the company, but projects currently in development at Paramount TV Studios will be transferred under the CBS Studios umbrella. In a separate memo, Cheeks said the closure “was not based on the performance of PTVS. This move is the result of significant shifts in the television and streaming marketplace and the need to streamline our company.”
In a separate memo, Cheeks noted that the decision to close the studio “was not made based on PTVS’s financial performance. The move is the result of significant changes in the TV and streaming market and the need to streamline our company.”
“A short time ago, I informed my team at Paramount Television Studios (PTVS) that the studio will cease operations as of this weekend. To be clear, this is not a decision based on PTVS’s financial performance. This move is the result of significant changes in the television and streaming market and the need to streamline our company,” he wrote.
As Breitbart News reported last week, Paramount Global plans to cut its workforce by 15 percent. The reported cuts are aimed at reducing Paramount’s spending by $500 million in 2025, with a primary focus on marketing, communications, legal and technology. Paramount Global co-CEO Chris McCarthy announced the changes during the company’s second-quarter earnings call last Thursday.
“These steps will be implemented over the next few weeks and will be substantially completed by the end of the year,” McCarthy said. “As you can imagine, this is a difficult decision. Paramount has incredibly talented people and these steps are not a reflection of their contributions; rather, they are necessary to transform streaming and transform our organization for what’s next.”
The entertainment industry was hit hard last week when Warner Bros. Discovery reported weaker-than-expected second-quarter earnings on Wednesday, with both sales and profits falling short of expectations, causing its stock price to plummet by $11.2 billion. Yahoo Finance.
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