BMA understand that Paramount Television Studios, originally established to re-enter the TV series market, is set to close as Paramount Global implements new cost-cutting measures before an anticipated merger with Skydance Media.
Nicole Clemens, President of Paramount Television Studios, announced the decision in a memo to staff, acknowledging the industry’s challenging and transformative period. The studio, in operation since 2013, faced numerous challenges with resilience, creativity, and dedication, and Clemens praised it for its commitment and collaboration with talented creatives.
According to the reporting, all current series and development projects under the Paramount Television Studios banner will be transferred to CBS Studios following the closure. This marks the second time Paramount Pictures has exited the television business, following its earlier venture through Desilu Productions—the studio behind classics like I Love Lucy and Star Trek.
Paramount Television Studios aimed to create new TV content by utilizing its iconic film properties, including the Jack Ryan series and The Godfather. The studio achieved success with shows like The Offer for Paramount+ and a Jack Ryan series for Amazon Prime Video, among other projects.
In a statement to employees, George Cheeks, co-CEO of Paramount Global, expressed gratitude to Nicole Clemens and her team, recognizing their contributions in attracting top talent and creating high-quality series that positioned Paramount in the streaming era. Cheeks also acknowledged the departing employees, thanking them for their dedication.
