Paramount Global announced on Tuesday it would be shutting down its TV studio, laying off thousands amid the industry’s uncertain future.
“As you’re all aware, Paramount Global has made the difficult decision to close Paramount Television Studios as part of the company’s broader restructuring plans,”“Over the past 11 years, PTVS has weathered seemingly insurmountable obstacles through a combination of strength, determination, and unwavering commitment. We met these challenges with incredible resilience, creativity, and passion for what we do, and I could not be prouder of our team,” it added.
In a separate memo, Cheeks noted that the shutdown of the studio “is not a decision based on how PTVS performed. This move is the result of significant changes in the TV and streaming marketplace and the need to streamline our company.” “These actions will take place in the coming weeks and will largely be completed by the end of the year,” McCarthy said. “As you can imagine, these are difficult decisions to make. We’ve incredibly talented people at Paramount and these actions are not a reflection of their contributions. Rather, they are necessary to transform our organization for the future next, transforming streaming.”