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

In a memo sent to employees today and obtained by The Hollywood Reporter, Paramount TV head Nicole Clemons and Paramount co-CEO George Cheeks announced that Paramount Global is shuttering the studio. Clemens, who joined Paramount in 2018 following former exec Amy Powell’s sudden exit, is also set to leave the company, and all of Paramount’s currently-airing TV series and projects still in development will transition to CBS Studios.

In the memo, Clemons and Cheeks insisted that while Paramount TV is coming to an end, “our ethos will live on in shows that will continue to be enjoyed by global audiences for years to come.” Last week, Paramount said that, in order to bring down its spending costs, it was preparing to slash its headcount by 15% across its marketing, comms, tech, and finance divisions. That plan was always meant to be rolled out in three phases, and today, Cheeks and fellow co-CEOS Chris McCarthy and Brian Robbins shared in a memo of their own that 90% of those job cuts should be finished by this September.

“The industry continues to evolve, and Paramount is at an inflection point where changes must be made to strengthen our business,” the CEOs said. “And while these actions are often difficult, we are confident in our direction forward.”