Paramount is busy trying to cut $500 million in costs as it gets ready to merge with Skydance media. To help reduce costs, Paramount has closed its television studios. This marks an end to Paramount’s attempt to get back into making more television series.
“This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune,” said Nicole Clemens, president of the unit, which debuted in 2013, in a memo to staffers per a report from Variety. “Over the past 11 years, the studio has weathered seemingly insurmountable obstacles through a combination of strength, determination, and unwavering commitment. We met these challenges with incredible resilience, creativity, and passion for what we do, and I could not be prouder of our team. We’ve also had the privilege to collaborate with some of the most brilliant creative talent in the industry to help tell incredible stories seen around the world, entertaining and shaping culture.”
Paramount Television dates back to the days when Desilu Production Studio was formed. It was best known for making Star Trek and I Love Lucy, and was run by Lucille Ball and Desi Arnaz. Recently, Paramount Studio has produced Tom Clancy’s Jack Ryan for Amazon Prime Video, Time Bandits for Apple TV+, and others.
The relaunch of Paramount Studios was seen as a way to meet the growing demand for content with the streaming boom. Now studios are more interested in turning a profit, and to do so they are cutting back on how much content they are making to reduce costs.
Because of all this, Paramount will now focus on its CBS Studio.