All current PTVS series and development projects will be folded into CBS Studios.
Paramount Television Studios, initially created to re-enter the TV series market, will be shutting down as Paramount Global implements a new round of cost-cutting measures ahead of an anticipated merger with Skydance Media.
“This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune,” said Nicole Clemens, President of Paramount Television Studios, in a memo to staff. Since its debut in 2013, the studio has faced numerous challenges with resilience, creativity and dedication. Clemens praised her team for their commitment, saying they had the privilege of collaborating with some of the most talented creatives in the industry to produce content that has entertained and shaped culture worldwide.
Following the shutdown, all current series and development projects under the Paramount Television Studios banner will be transferred to CBS Studios.
This closure marks the second time Paramount Pictures has exited the television business, following its earlier venture into TV production through the legendary Desilu Productions—the studio behind classics like I Love Lucy and Star Trek. Desilu was acquired by Gulf + Western and later became part of CBS after its separation from Viacom in 2005.
The revived Paramount Television Studios was intended to help the movie studio leverage its iconic film properties, such as the Jack Ryan series and The Godfather, to create new TV content. The studio found success in producing shows like The Offer for Paramount+ and a Jack Ryan series for Amazon Prime Video. It also worked on other projects, including The Spiderwick Chronicles for Roku and a series adaptation of the movie Time Bandits for Apple TV+.
In a statement to employees, George Cheeks, co-CEO of Paramount Global, expressed his gratitude to Nicole Clemens and her team for their contributions. He acknowledged the studio’s success in attracting top talent and creating high-quality series, which helped usher Paramount into the streaming era. Cheeks also recognised the employees who will be leaving the company, thanking them for their hard work and dedication.
