Paramount Global will close its eponymous television studio. The news comes as part of a wave of layoffs Paramount announced last week, which will involve 15% workforce cuts, or around 800 jobs across the company.

The company wants to save around $500 million in costs before the planned merger with Skydance. Paramount TV President Nicole Clemens and CEO George Cheeks informed employees on Tuesday morning about the studio’s closure.

“This has been a challenging and transformative time for the entire industry, and unfortunately our studio is not immune,” Clemens, who is also leaving Paramount, wrote in a memo to staff. She added that over the past decade the studio 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 more proud of our team. We have also had the privilege of working with some of the industry’s most brilliant creative talent to tell incredible stories from around the world that entertain and shape culture.”

All television shows under Paramount’s TV banner will be moved to CBS Studios, including Time Bandits And Cross.