Paramount Global is to close Paramount Television Studios, according to Bloomberg and Variety based on an internal memo from the company.
The decision is part of a host of reorganisation measures by the company to cut costs.
“It is a challenging time for the entire entertainment industry, and unfortunately our studio is not immune to these developments,’ wrote TV studio director Nicole Clemens to employees.
All projects currently being created or developed by Paramount Television Studios will be moved to the CBS Studios unit. Paramount Television is currently working on projects such as Cross for Prime Video and the series Before and Murderbot for Apple TV+.
In recent years, the studio produced series such as 13 Reasons Why, The Haunting of Hill House, Jack Ryan and Reacher.
It is not the only major measure Paramount Global is taking. The company earlier announced it was saying goodbye to a total of about 2,000 employees, about 15 per cent of all jobs in the company. These spots will be cut in three rounds of layoffs.
The reorganisation is linked to the merger with the Skydance Media, which also has a large television studio.
