Ahead of its upcoming merger with Skydance Media, Paramount is winding down its TV production studio as part of a larger restructuring effort that will put 15 percent of its current workforce out of jobs.
In a memo sent to employees today and obtained by The Hollywood Reporter, Paramount TV head Nicole Clemens and Paramount co-CEO George Cheeks announced that Paramount Global is shuttering the studio. Clemens, who joined Paramount in 2018 following former exec Amy Powell’s sudden exit, is also set to leave the company, and all of Paramount’s currently airing TV series and projects still in development will transition to CBS Studios.
In the memo, Clemens and Cheeks insisted that while Paramount TV is coming to an end, “our ethos will live…