There have been two major rounds oflayoffsatParamountGlobal this year, withParamount Television Studiosas a primary target in both.
It will cease operations after 11 years at the end of this week.
All current PTVS series and development projects will be folded into CBS Studios.
‘First Wives Club,’ ‘The Offer,’ ‘Spiderwick Chronicles’ and ‘Time Bandits’Everett Collection
Watch on Deadline
To be clear, this is not a decision based on how PTVS performed.
The same year, Paramount TV Studios absorbed Paramount+s scripted originals team.
(Word is more P+ layoffs may be coming after Labor Day.)
It also dissolved/downsized communications, marketing and post-production which are now handled by CBS Studios.
The two companies have collaborated on such series asReacher, Tom Clancys Jack Ryanand the upcomingCross.
The studio continued to sell to outside platforms.
In her note to staff, Clemens, who joined PTVS in 2018, reflected on the labels legacy.
We have broken streaming platform records with Tom Clancys Jack Ryan, Reacher, and The Spiderwick Chronicles.
To be clear, this is not a decision based on how PTVS performed.
These are valued colleagues we admire and respect, whose talents contributed to the leadership position we enjoy today.
I know its unsettling.
