Paramount Television Studios, a key player in Paramount Pictures’ efforts to re-enter the television market, is set to shut down as part of parent company Paramount Global’s latest cost-cutting measures. This decision is part of a broader strategy to reduce expenses by $500 million amid a turbulent period for the entertainment industry.
Nicole Clemens, president of Paramount Television Studios, informed staff of the closure in a memo on August 14. Clemens described the past 11 years as challenging and transformative for the studio, which was established in 2013. Despite the difficulties, she praised the team’s resilience and creativity. “We met these challenges with incredible resilience, creativity, and passion for what we do,” Clemens said. “We’ve also had the privilege to collaborate with some of the most brilliant creative talent in the industry to help tell incredible stories seen around the world, entertaining and shaping culture.”
The closure will see all current series and development projects from Paramount Television Studios transferred to CBS Studios. This move marks the end of the studio’s second attempt to establish a significant presence in television production, separate from the legacy of the original Desilu production studio founded by Lucille Ball and Desi Arnaz. The original studio, known for iconic TV shows like “I Love Lucy” and “Star Trek,” became part of Paramount Studios following its acquisition by Gulf + Western. CBS later inherited it after Viacom Inc.’s split in 2005.
The new Paramount Television Studios aimed to capitalize on Paramount’s film properties and forge partnerships with emerging streaming platforms. The studio was responsible for producing content such as “The Offer,” a series about the making of the classic film “The Godfather” for Paramount+; series based on Tom Clancy’s Jack Ryan for Amazon Prime Video; “The Spiderwick Chronicles” for Roku; and a revival of Terry Gilliam’s film “Time Bandits,” now available on Apple TV+.
In a statement to employees, George Cheeks, co-CEO of Paramount Global, expressed gratitude for the contributions of Clemens and her team. “I want to thank PTVS President Nicole Clemens and the talented team she built for the many signature hits they produced,” Cheeks said. “Under Nicole’s leadership, this studio consistently punched above its weight in attracting top storytellers and stars to create best-in-class series.”
Cheeks also acknowledged that the closure would impact other CBS teams. “In addition to PTVS, there are members of CBS teams who will be leaving the company. These are valued colleagues we admire and respect, whose talents contributed to the leadership position we enjoy today,” he added. “I want to express my deepest gratitude for their contributions, hard work, and dedication.”
The decision to shut down Paramount Television Studios reflects the broader shifts and financial pressures facing the entertainment industry as companies adapt to new market realities and competition from streaming services.
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