After more than a decade of operation, Paramount Global has announced the end of Paramount Television Studios. The company implemented significant cuts in February that had a major impact on PTVS, and after another recent wave of layoffs, it has decided to close the division entirely, marking the end of its 11-year operation.

The closure of PTVS will result in the departure of 20 to 30 employees. All ongoing PTVS projects and series will transfer to CBS Studios. Paramount TV Studios President Nicole Clemens and CBS President and CEO George Cheeks communicated the decision to their respective teams in separate memos, expressing gratitude and acknowledging the studio’s contributions.

“This move is the result of significant changes in the TV and streaming market and the need to streamline our company,” Cheeks said. He added: “To be clear, this decision is not based on the performance of PTVS,” Cheeks explained. He also praised PTVS under Clemens’ leadership for its success in attracting top talent and producing high-quality series and thanked the team for its role in Paramount’s transition to the streaming era.

This closure is part of a broader effort by Paramount Global to reduce its U.S. workforce by 15% in the coming months to save $500 million. There has been speculation that PTVS could be a potential casualty following the integration of CBS Studios and Paramount TV Studios under Cheeks’ watch since fall 2022.

Despite earlier assurances from Cheeks and Clemens that PTVS would remain separate from CBS Studios, the consolidation of support functions such as finance, legal, production and casting resulted in significant restructuring. PTVS also acquired Paramount+’s scripted originals team, a move that could be further impacted by expected layoffs at Paramount+ after Labor Day.

In the wake of the February layoffs, PTVS consolidated development and current programming under the leadership of development executive Jana Helman, with many senior executives leaving the company. In addition, the studio’s communications, marketing and post-production functions were downsized, with responsibilities now falling to CBS Studios. Clemens also noted that PTVS will no longer produce limited series except for third-party buyers.

The decision to close PTVS is also linked to the impending merger of Paramount Global with Skydance, whose television division has similarities to PTVS. The two companies have collaborated on popular series such as *Reacher*, *Tom Clancy’s Jack Ryan* and the upcoming *Cross*.

Founded in 2013 by Brad Grey of Paramount Pictures, PTVS was a smaller player compared to CBS Studios. The studio faced challenges as Paramount+ scaled back its scripted slate to offset streaming losses. The studio is known for producing notable series such as *13 Reasons Why*, *The Encirclement*, *Station Eleven*, *Time Bandits* and *The Spiderwick Chronicles*.

Looking back at the studio’s legacy, Clemens expressed pride in the team’s resilience and creativity. “Over the past 11 years, PTVS has overcome seemingly insurmountable obstacles through a combination of strength, determination and unwavering commitment,” Clemens wrote. “We have overcome these challenges with incredible resilience, creativity and passion for what we do, and I couldn’t be more proud of our team. We have also been privileged to work with some of the industry’s most brilliant creative talent to tell incredible stories that can be seen around the world, entertaining and shaping culture.”

Below are the full memos from Nicole Clemens and George Cheeks:

Note from Nicole Clemens: President, Paramount Television Studios

Dear PTVS family,

As you all know, as part of the company’s broader restructuring plans, Paramount Global has made the difficult decision to close Paramount Television Studios. This has been a challenging and transformative time for the entire industry and, unfortunately, our studio is not immune.

Over the past 11 years, PTVS has overcome seemingly insurmountable obstacles through a combination of strength, determination and unwavering commitment. We have overcome these challenges with incredible resilience, creativity and passion for what we do and I couldn’t be prouder of our team. We have also been privileged to work with some of the most brilliant creative talent in the industry to tell incredible stories from around the world that entertain and shape culture.

Although Paramount Television Studios is closing, our ethos will live on in shows that will continue to delight audiences around the world for years to come. We’ve cemented our legacy by overseeing some of the most influential, award-winning and critically acclaimed shows in the streaming era, including series such as 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 platform records with Tom Clancy’s Jack Ryan, Reacher and The Spiderwick Chronicles. Our upcoming shows Cross, Before and Murderbot are sure to join the ranks of those hits.

This has been the most defining chapter of my career, and I owe that in large part to the remarkable colleagues I have had the privilege of leading and learning from on a daily basis. Thank you for supporting, inspiring and laughing with me over the last six years – I wouldn’t have wanted to be in the trenches with anyone else.

I want to thank George Cheeks for his guidance and support throughout this time. There will no doubt be some tears as we move forward, but this business is a marathon and I am sure our paths will cross again, if not work together.

“When you think you are at the end of one thing, you are often at the beginning of something else.” – Fred Rogers

With heartfelt gratitude,

Nicole

Note from George Cheeks: Co-CEO, Paramount Global and President & CEO, CBS

CBS Team,

As you can see from the email Brian, Chris and I sent earlier, this is a very difficult day at Paramount Global. I wanted to let you know that today’s news unfortunately impacts CBS and one of our studios.

We recently informed the team at Paramount Television Studios (PTVS) that the studio will cease operations at the end of the week. To be clear, this decision is not based on PTVS’s performance. This move is the result of significant changes in the television and streaming marketplace and the need to streamline our business.

I want to thank PTVS President Nicole Clemens and the talented team she has built for the many unique hits they have produced. Under Nicole’s leadership, this studio has consistently outperformed by attracting top storytellers and stars to produce top-notch series. I want to thank every PTVS employee for putting together a slate of shows that have propelled Paramount into the streaming era.

In the future, all current series and development projects from PTVS will be transferred to CBS Studios.

In addition to PTVS, members of CBS teams will also be leaving the company. They are valued colleagues who we admire and respect and whose talents have contributed to the leadership position we hold today. I would like to express my deepest gratitude to them for their contributions, hard work and dedication.

Please keep these colleagues in mind in the next steps, as our HR departments and their team colleagues will support them in this process.

There is a lot of news to share today. I know it is unsettling. I continue to be impressed and grateful for our teams’ ability to stay focused and pull together during this transition.

George