Paramount Global’s decision to shutter its namesake TV studio means the loss of dozens of jobs, the shifting of several series to another banner and a consolidation of power within the company’s two remaining TV studios — at least until a potential Skydance-Paramount merger is complete.
Paramount TV Studios ceased operations Aug. 16 as part of heavy layoffs at the parent company. Paramount is cutting 15 percent of its U.S.-based employees in an effort to lop $500 million off its balance sheet. The studio’s current productions, including the Prime Video hit Reacher and Apple TV+’s Time Bandits, along with upcoming shows Cross (Prime Video), Before and Murderbot (both at Apple TV+) and any projects in development, will move to corporate sibling CBS Studios.
