Paramount Television Studios, a production facility originally intended to return Paramount Pictures to the TV series business, will close its doors, the latest in a wave of cost-cutting by parent company Paramount Global as it seeks to eliminate $500 million amid a chaotic shift in the entertainment industry.
“This has been a challenging and transformative time for the entire industry, and unfortunately our studios are no exception,” said Nicole Clemens, president of the unit that began operations in 2013, in a memo to employees. “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 resilience, creativity and an incredible 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 industry’s most brilliant creative talent to help tell the incredible stories seen around the world, entertaining and shaping culture.”
All current series and development projects produced under the Paramount Television Studios umbrella will be transferred to CBS Studios.
Paramount Television was Paramount Pictures' second attempt at entering television — separate from the famous company built at the Desilu production studio founded by Lucille Ball and Desi Arnaz. That studio, which had produced such TV treasures as “I Love Lucy” and “Star Trek,” eventually became Paramount Studios after being acquired by Gulf & Western, and would be inherited by CBS after it spun off from the company formerly known as Viacom Inc. in 2005.
Paramount’s new TV studio helped bolster the movie studio, which was looking to make shows tied to its many popular movies, including Jack Ryan spy films or “The Godfather.” As more content-hungry streaming platforms launched, the operating theory was that the new studio could help Paramount forge alliances with a host of new, content-hungry broadband operators.
Under its auspices, the company produced “The Offer,” an inside story about the making of the blockbuster, for Paramount+; and a series based on Tom Clancy’s Jack Ryan for Amazon Prime Video. Other series it has produced include “The Spiderwick Chronicles” for Roku and a revival of Terry Gilliam’s “Time Bandits,” which is now a series on Apple’s streaming service.
“I would like to thank PTVS President Nicole Clemens and the talented team she has built for the many remarkable successes she has produced. 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 have helped bring Paramount into the streaming era,” George Cheeks, co-CEO of Paramount Global, said in a statement to employees. “In addition to PTVS, there are members of the CBS teams who will be leaving the company. These are valued colleagues we admire and respect, and whose talents have contributed to the leadership position we hold today. I would like to express my deepest gratitude for their contributions, hard work and dedication.”
