Nicole Clemens Kevin Winter/Getty Images
Paramount Global is set to close its Paramount Television Studios as part of a significant restructuring that includes major layoffs. The studio will shut its doors at the end of the week, as announced to staff by President Nicole Clemens and co-CEO George Cheeks on Tuesday morning. Clemens will be leaving the company, and all ongoing series and projects at Paramount TV Studios—such as Reacher, Apple’s Time Bandits, and the upcoming Cross for Prime Video—will now be handled by CBS Studios.
The move comes on the heels of Paramount’s recent announcement that it plans to cut 15 percent of its U.S. workforce, adding to approximately 800 layoffs that occurred six months ago. This effort is part of a broader strategy to save $500 million in costs in anticipation of a merger with Skydance. Cheeks, along with CEOs Brian Robbins and Chris McCarthy, informed employees that these layoffs would start immediately and be carried out in three stages throughout the year.
In a memo to the team, Clemens expressed the difficulty of the decision, acknowledging the studio’s long history of overcoming challenges with resilience and creativity. “This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune,” she wrote. “I could not be prouder of our team.”
Nicole Clemens Kevin Winter/Getty Images
Cheeks clarified in a separate memo that the decision to shut down the studio was driven by broader shifts in the TV and streaming landscape rather than the studio’s performance. “This move is the result of significant changes in the TV and streaming marketplace and the need to streamline our company,” he said.
Clemens, who joined Paramount TV Studios in 2018 after a career as an agent and manager and with executive roles at FX, has also overseen scripted content for Paramount+ since 2021. The studio’s current projects include Before and Murderbot for Apple TV+, in addition to Reacher, Time Bandits, and Cross.
