The studio behind streaming hits like Reacher and Jack Ryan has closed its doors with immediate effect, throwing the future of multiple shows into question.
The new iteration madebinge-worthy showslikeReacherandJack Ryanfor Prime Video, The Offer for Paramount+, The Spiderwick Chronicles for Roku, 13 Reasons Why and The Haunting of Hill House for Netflix, and most recently Time Bandits for Apple TV+.
But thanks to cost-cutting efforts by Paramount Global – which is seeking to lose $500 million from its bottom line ahead of a merger with Skydance – the TV studio has been closed down and staff laid off.
In a memo to employees,as reportedby The Hollywood Reporter, the studio’s President Nicole Clemens wrote: “This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune.”
Speaking of the last decade, Clemens said that Paramount “has weathered seemingly insurmountable obstacles through a combination of strength, determination, and unwavering commitment.”
Further down the statement, she writes: “Although Paramount Television Studios is ending, our ethos will live on in shows that will continue to be enjoyed by global audiences for years to come. We’ve cemented our legacy by shepherding some of the most influential, award-winning, and critically acclaimed shows in the streaming era.”
As for the future of those PTV shows, the message – again according to The Hollywood Reporter – is that all current series and development projects made under the Paramount Television Studios umbrella will move to CBS Studios.
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Chris Tilly is the TV & Movies Editor at Dexerto. He has a BA in English Literature, an MA in Newspaper Journalism, and over the last 20 years, he’s worked for the likes of Time Out, IGN, and Fandom. Chris loves Star Wars, Marvel, DC, sci-fi, and especially horror, while he knows maybe too much about Alan Partridge. You can email him here: chris.tilly@dexerto.com.
