There have been two major rounds of layoffs at Paramount Global this year, and Paramount Television Studios has been a primary target in both. After its team was slashed in the cuts made on Feb. 13, as part of today’s cuts, the division has been shuttered entirely. It will cease operations after 11 years at the end of this week. Nicole Clemens, chairman of Paramount Television Studios, and George Cheeks, chairman and CEO of CBS, who oversees the division, announced the decision in separate memos (you can read both below).
The closure of FTVS will result in the layoff of 20 to 30 employees. All current PTVS series and development projects will be consolidated into CBS Studios.
“To be clear, this is not a decision based on PTVS’ performance. This move is the result of significant changes in the television and streaming marketplace and the need to simplify our company,” Cheeks said. “Under Nicole’s leadership, this studio has consistently attracted the best storytellers and stars to create best-in-class series. I want to thank every PTVS employee for nurturing a pipeline of shows that helped bring Paramount into the streaming era.”
As we enter the current wave of layoffs that will impact 15% of Paramount Global’s U.S. workforce over the next few months, there has been talk of Paramount TV Studios as a potential casualty after a series of downsizing/consolidation moves since CBS Studios and Paramount TV Studios were merged under Cheeks’s direction in the fall of 2022.
Related: Paramount co-CEOs say talks heat up over streaming partnerships, asset sales ahead of Skydance merger
Both Cheeks and Clemens attempted to allay concerns at the time by reassuring PTVS employees that the division would remain independent from the larger CBS studios as the two consolidated their support operations by centralizing financing, law, production, and representation. That same year, Paramount TV Studios absorbed the original Paramount+ script team.
In the latest round of layoffs in February, PTVS consolidated development and revamping under development chief Jana Hellman, with a host of senior programming executives leaving. It also dissolved/downsized communications, marketing and post-production, which are now handled by CBS Studios. Before that, Clemens revealed the studio would only produce limited series for third-party buyers.
Also likely a factor in the decision to close PTVS was Paramount Global’s impending merger with Skydance, whose television division is very similar in scope and production to PTVS. The two companies have collaborated on such series as Reacher, Jack Ryan from Tom Clancy And the coming Expresses.
Other notable series produced by PTVS over the years include: 13 Reasons Why, The Alienist, Station Eleven, Time Bandits, The Spiderwick Chronicles.
Speculation about a CBS Studios-Paramount TV Studios merger has been circulating since the CBS-Viacom merger was announced in 2019. Paramount TV Studios was launched by Brad Grey of Paramount Pictures in 2013, was the smaller of the two and its size was affected when Paramount+ scaled back its plans to ramp up scripted original production to stem streaming losses. The studio continued to sell to third-party platforms.
In her memo to employees, Clemens, who joined PTVS in 2018, spoke about the brand’s legacy.
“Over the past 11 years, PTVS has overcome seemingly insurmountable obstacles through a combination of strength, determination and unwavering commitment,” she said. “We have met these challenges with incredible resilience, creativity and passion for what we do, and I could not be prouder of our team. We have also had the privilege of collaborating with some of the most brilliant creative talent in the industry to help tell incredible stories seen around the world, entertaining and shaping culture.”
Here are the two notes:
Note from Nicole Clemens: President, Paramount Television Studios
Dear PTVS Family,
As you all know, Paramount Global has made the difficult decision to close Paramount Television Studios as part of the company’s broader restructuring plans. This has been a challenging and transformative time for the entire industry, and unfortunately our studios are not immune.
Over the past 11 years, PTVS has overcome seemingly impossible obstacles through a combination of strength, determination, and unwavering commitment. We have met these challenges with incredible resilience, creativity, and passion for what we do, and I couldn’t be prouder of our team. We have also had the privilege of collaborating with some of the most brilliant creative talents in the industry to help tell incredible stories seen around the world, entertaining, and shaping culture.
Although Paramount Television Studios is gone, our ethos lives on in the shows that global audiences will continue to enjoy for years to come. We’ve cemented our legacy by nurturing some of the most influential, award-winning, and critically acclaimed shows of the streaming era with series like “13 Reasons Why,” “The Offer,” “Defending Jacob,” “The Alienist,” “The Haunting of Hill House,” “Station Eleven,” “Time Bandits,” and many more. We’ve broken streaming records with “Tom Clancy’s Jack Ryan,” “Reacher” and “The Spiderwick Chronicles.” Our upcoming shows, “Cross,” “Before,” and “Murderbot,” are sure to join those successful titles.
This has been the most formative chapter of my career, largely due to the amazing colleagues I have had the privilege of leading and learning from on a daily basis. Thank you for supporting me, inspiring me, and laughing with me over the past six years—I wouldn’t want to be in the trenches with anyone else.
I would like to thank George Cheeks for his leadership and support throughout this period. There will be tears as we continue to work, but this is a marathon, and I am certain that we will meet again, if not work together.
“Often when you think you are at the end of something, you are at the beginning of something else.” – Fred Rogers
With my sincere gratitude,
Nicole
Note from George Cheeks: Co-CEO of Paramount Global and CEO of CBS
CBS Team,
As you may have seen from the email Brian, Chris and I sent earlier, this is a very difficult day at Paramount Global. I want to reach out to you to let you know that today’s news unfortunately impacts CBS, including one of our studios.
A short while ago, we informed the Paramount Television Studios (PTVS) team that the studio would cease operations at the end of the week. Let us be clear, this decision is not based on PTVS’ performance. This move is a result of the significant changes in the television and streaming marketplace and the need to simplify our company.
I would like to thank PTVS President Nicole Clemens and the talented team she has built to produce so many successful productions. Under Nicole’s leadership, this studio has consistently attracted the best storytellers and stars to create best-in-class series. I would like to thank every PTVS employee for nurturing a slate of shows that helped bring Paramount into the streaming era.
In the future, all existing PTVS series and development projects will be transferred to CBS Studios.
In addition to PTVS, there are members of the CBS team who will be leaving the company. These are valued colleagues whom we respect and appreciate, and whose talents have contributed to the leadership position we hold today. I would like to express my deep gratitude for their contributions, hard work and dedication.
As we move forward, please keep these colleagues in your thoughts as you help HR teams and their colleagues support them through this process.
There is a lot of news to share today. I know it is upsetting. I continue to be impressed and grateful for our teams’ ability to stay focused and united during this transitional period.
George
“Infuriatingly humble alcohol fanatic. Unapologetic beer practitioner. Analyst.”