Paramount is shutting down its TV studio as part of a new wave of layoffs

In a memo sent to employees contiguous and obtained by The Hollywood Reporter, Paramount TV caput Nicole Clemons and Paramount co-CEO George Cheeks announced that Paramount Global is shuttering the studio. Clemens, who joined Paramount successful 2018 pursuing former exec Amy Powell’s abrupt exit, is besides acceptable to permission the company, and each of Paramount’s currently-airing TV bid and projects inactive successful improvement volition modulation to CBS Studios.

In the memo, Clemons and Cheeks insisted that portion Paramount TV is coming to an end, “our ethos volition unrecorded connected successful shows that volition proceed to beryllium enjoyed by planetary audiences for years to come.” Last week, Paramount said that, successful bid to bring down its spending costs, it was preparing to slash its headcount by 15% crossed its marketing, comms, tech, and concern divisions. That program was ever meant to beryllium rolled retired successful 3 phases, and today, Cheeks and chap co-CEOS Chris McCarthy and Brian Robbins shared successful a memo of their ain that 90% of those occupation cuts should beryllium finished by this September.

“The manufacture continues to evolve, and Paramount is astatine an inflection constituent wherever changes indispensable beryllium made to fortify our business,” the CEOs said. “And portion these actions are often difficult, we are assured successful our absorption forward.”