Paramount Television Studios will shut down after 11 years as part of cost cutting by Paramount Global.
All current series and development projects made under the Paramount Television Studios umbrella will move to CBS Studios.
Variety reports Paramount Television marked the second time Paramount Pictures tried to move into the TV business — separate from the company that was built on the Desilu production studio founded by Lucille Ball and Desi Arnaz. That studio, which backed such TV treasures as I Love Lucy and Star Trek, eventually became the centre of Paramount Studios after an acquisition by Gulf + Western, and would be inherited by CBS after its split from the company formerly known as Viacom Inc. in 2005.
The new Paramount Television Studios produced The Offer, 13 Reasons Why, The Alienist, Station Eleven, Tom Clancy’s Jack Ryan, The Spiderwick Chronicles and Time Bandits.
“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. “Over the past 11 years, she said, 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.”
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