Paramount is currently trying to cut $500 million in costs as it prepares to merge with Skydance Media. To cut costs, Paramount has closed its television studios. This marks the end of Paramount’s attempt to produce more television series again.

“This has been a challenging and transformative time for the entire industry, and unfortunately our studio is not immune,” Nicole Clemens, president of the unit, which debuted in 2013, said in a memo to employees, according to a report by diversity. “Over the past 11 years, the studio has overcome seemingly insurmountable 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 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.”

Paramount Television dates back to the time when Desilu Production Studio was founded. It was primarily responsible for the production of Star Trek And I love Lucyand was directed by Lucille Ball and Desi Arnaz. Recently, Paramount Studio released Tom Clancy’s Jack Ryan for Amazon Prime Video, Time Bandits for Apple TV+ and others.

The relaunch of Paramount Studios was seen as a way to meet the growing demand for content in the wake of the streaming boom. Now, studios are more interested in making profits, and to do that, they are reducing the amount of content they produce to cut costs.

For all these reasons, Paramount will now focus on its CBS studio.