Paramount Television Studios is shutting down amid layoffs and restructuring at Paramount Global. Paramount has begun laying off 15% of its global workforce and eliminating redundant roles to find $500 million in annual cost savings. Existing Paramount Television Studios projects will be folded into CBS Studios. It's unclear if any staffers will transition to CBS Studios. Paramount Television Studios was launched in 2013 as a division of Paramount Pictures. The closure comes as Paramount Global prepares to merge with Skydance Media, aiming to find $2 billion in reduced expenses.
Category
🗞
NewsTranscript
00:00It's Benzinga, and here's what's on the block.
00:02Paramount Television Studios is shutting down amid layoffs and restructuring at Paramount
00:07Global.
00:08Paramount has begun laying off 15% of its global workforce and eliminating redundant
00:12roles in order to find $500 million in annual cost savings.
00:16Existing Paramount Television Studios projects will be folded into CBS Studios.
00:21It's unclear if any staffers will transition to CBS Studios.
00:25Paramount Television Studios was launched in 2013 as a division of Paramount Pictures.
00:30The closure comes as Paramount Global prepares to merge with Skydance Media, aiming to find
00:34$2 billion in reduced expenses.
00:36For all things money, visit Benzinga.com.