The news is part of a wave of layoffs that Paramount announced last week. As part of this campaign, 15 percent of the workforce, or around 800 jobs across the entire company, will be cut.

Paramount Global has announced that it will close its television studio Paramount Television Studios (PTVS). The company wants to save about $500 million before the planned merger with Skydance. Paramount TV President Nicole Clemens and CEO George Cheeks informed employees of the studio’s closure on Tuesday morning.

“This has been a difficult and transformative time for the entire industry, and unfortunately our studio is not immune,” Nicole Clemens, president of Paramount Television Studios, said in a memo to employees.

The studio is behind 13 Reasons Why, The Encirclement, The Haunting of Hill House, Station Eleven, Tom Clancy’s Jack Ryan, Reacher and The Spiderwick Chronicles. Upcoming series include Cross, Before and Murderbot.

“Over the past 11 years, PTVS has overcome seemingly insurmountable obstacles through strength, determination and unwavering commitment,” added Clemens. “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 brightest creatives in the industry to tell incredible stories that can be seen around the world, entertaining and shaping culture.”

“Even though Paramount Television Studios closes, our spirit will live on in programs that will continue to delight audiences around the world for years to come.”

The studio will cease operations this week. In the future, all PTVS series and projects will be moved to the CBS Studios.

“To be clear, this decision is not based on the performance of PTVS,” George Cheeks, co-CEO of Paramount Global and president and CEO of CBS, said in a note to employees. “This move is the result of significant changes in the television and streaming market and the need to streamline our business.”