As part of a planned restructuring, Paramount Global will close its Paramount Television studio and start laying off 15% of its US personnel on Tuesday, the firm announced in an internal message.
The company aims to cut expenses by $500 million annually and resume profitable growth in advance of its merger with Skydance Media, owned by David Ellison. Paramount is the parent company of networks like Comedy Central, MTV, CBS, and MTV.
The co-CEOs of Paramount said in an internal memo that the company is at an “inflection point” and that adjustments are needed to strengthen the business.
As part of the company’s larger restructuring plans, Paramount Television Studios (PTVS) will also close, President Nicole Clemens announced in an email to staff members.
The decision to shut down the studio by the end of the week was made by George Cheeks, co-CEO of Paramount Global, due to significant changes in the television and streaming industries as well as a desire to streamline the business.
According to Cheeks, all ongoing PTVS shows and development projects will be moved to CBS Studios, and staff personnel from CBS will also be departing the organization.
The restructure takes place as the New York-based business, which recently has written down the value of its cable networks by roughly $6 billion, navigates a difficult linear TV market.
Pluto TV and Paramount+ are part of the company’s streaming division, which on Thursday posted its first quarterly profit in three years.
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