Paramount is getting rid of its entire television studio as part of a cost-cutting move to save $500 million, according to The Wall Street Journal. Paramount Co-CEO George Cheeks told staff in a memo that the cut was not related to the studio’s performance but instead part of “significant changes in the TV and streaming marketplace and the need to streamline our company.” The announcement came days after Paramount wrote down the value of its cable networks by $6 billion and said it planned to lay off 2,000 people, or about 15 percent of its workforce. The studio produced shows like Netflix’s 13 Reasons Why, Amazon’s Reacher, and Paramount+’s recent Knuckles. The studio’s current productions will be transferred to CBS Studios, according to the Journal, and its current head Nicole Clemens will leave the company.
