Paramount TV Studios to Close, 2,000 Jobs Cut Ahead of Merger

Paramount Television Studios, renowned for producing popular series such as “The Offer” and “Reacher,” will cease operations as part of a broader cost-cutting initiative by parent company Paramount Global. This decision comes ahead of an anticipated merger with Skydance Media, as announced by the company’s co-CEOs. In a memo to employees, co-CEO George Cheeks emphasized that the closure is not a reflection of the studio's performance but rather a necessary response to significant shifts in the television and streaming landscape. The restructuring will involve a substantial reduction of the workforce, with approximately 2,000 jobs being eliminated. Cheeks noted that current television shows and ongoing projects will be transferred to CBS Studios, a sister production unit. The closure will also result in the departure of Paramount Studios head Nicole Clemens, following a series of high-profile exits within the company, including longtime CBS anchor Norah O’Donnell. The job cuts will be executed in three phases, with an expectation that 90% will be completed by the end of next month. Paramount has announced plans to lay off 15% of its workforce and has reported a nearly $6 billion write-down in the value of its cable networks. The cuts will primarily affect marketing and communications, with some adjustments in legal and finance departments. As the media industry continues to evolve, Paramount's leadership has acknowledged the difficult nature of these decisions, stating that changes are essential to strengthen the company’s future.