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The parent company of Paramount Plus, Paramount Global has been making some changes in its structure and as a result, the media company has been doing major layoffs to save costs ahead of its merger with Skydance.
In the latest development, the company has decided to shut down Paramount Television Studios, which has people wondering if it would affect the Paramount Plus streaming service in any way. The streaming service shows that were developed under PTVS, will now be transferred to another studio.
Paramount Television Studios has produced shows like Reacher, Shantaram, and The Offer among several others for different OTT platforms like Amazon Prime Video, Apple TV, and Paramount Plus. Unfortunately, it will cease to exist by the end of this week.
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Paramount Plus is not shutting down
As mentioned before, Paramount Plus is not shutting down, but another division of Paramount Global, that is Paramount Television Studios is being shut down to save $500 million before the company's merger with Skydance. The company had already done 800 layoffs six months back and has now announced to cut 15% of its U.S. employees.
The division is currently run by President Nicole Clemens, who joined the company in 2018. She wrote in a memo that this decision had been made as a part of the company’s broader restructuring plans.
"Paramount Global has made the difficult decision to close Paramount Television Studios as part of the company’s broader restructuring plans. This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune." Nicole Clemens wrote in a memo.
One of the CEOs of Paramount, George Cheeks, wrote a memo to the CBS team saying that the decision to shut down PTVS does not reflect its performance, but is a result of major changes in the streaming marketplace.
Would Paramount TV Studios' shutdown affect Paramount Plus?
All the original Paramount Plus shows that were produced under PTVS, will now be under a different studio. PTVS produced several hit shows like Reacher, Knuckles, The Offer, Time Bandits, Watchman, etc, across streaming services like HBO Max, Prime Video, Apple TV, and Paramount+.
These shows will be transferred to CBS studios once PTVS shuts down, which means that the content will be under different management. The extent of the effect that this change will have on these projects is difficult to assume right now.
CBS Studios also falls under the Paramount Global umbrella. The studio is already developing projects like The Amazing Adventures of Kavalier and Clay and Love Story. Several changes happen behind the scenes in times of such shutdowns and mergers, so changes are to be expected, as the layoffs indicate that the company is prioritizing cutting costs.
Fans would have to wait for more updates from the media giant on any changes regarding their favorite shows like Reacher and Jack Ryan.
