Paramount Global announced on Tuesday it would be shutting down its TV studio, laying off thousands amid the industry’s uncertain future.
The company announced that Paramount Television Studios will be shutting down later this week. In a memo to staff on Tuesday morning, president Nicole Clemens said the overall transformation in the industry has affected the studio drastically.
“As you’re all aware, Paramount Global has made the difficult decision to close Paramount Television Studios as part of the company’s broader restructuring plans,” the memo said. “This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune.
“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,” it added.
Paramount co-CEO George Cheeks will be departing from the company while current projects and projects in-development at the Paramount TV Studios will be moved under the CBS Studios label. In a separate memo, Cheeks said that the shutdown “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.”
In a separate memo, Cheeks noted that the shutdown of the studio “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.”
“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,” he wrote.
As Breitbart News reported last week, Paramount Global will be cutting its workforce by 15 percent. The reported cuts will aim to trim 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 a Q2 earnings call last Thursday.
“These actions will take place in the coming weeks and will largely be completed by the end of the year,” McCarthy said. “As you can imagine, these are difficult decisions to make. We’ve incredibly talented people at Paramount and these actions are not a reflection of their contributions. Rather, they are necessary to transform our organization for the future next, transforming streaming.”
The entertainment industry suffered a heavy shakedown last week after Warner Bros. Discovery announced its stock took an $11.2 billion dive after “company reported disappointing second quarter earnings on Wednesday that missed expectations on both the top and bottom lines,” per Yahoo Finance.
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