Paramount Shuts Down Television Studios in Major Restructuring

The closure is part of a broader effort to cut costs and streamline operations ahead of a merger with Skydance Media.

Paramount Television Studios will cease operations after 11 years, impacting 15% of the company's U.S. workforce.
All current series and development projects will transition to CBS Studios.
The decision is driven by significant changes in the TV and streaming marketplace.
Paramount aims to save $500 million annually through these cuts.
The move precedes an $8 billion merger with Skydance Media, set to be completed in 2025.