Paramount Television Studios to Close Amid Cost-Cutting Restructuring
Paramount Global Reorganizes TV Production Operations
In a move to streamline operations and reduce expenses, Paramount Global has announced the closure of its Paramount Television Studios. This decision is part of a broader restructuring of the company's television production business.
Layoffs Expected as Paramount Streamlines
As part of the restructuring, Paramount Global will lay off approximately 15% of its workforce in the United States, beginning on Tuesday. This will result in the loss of around 500 positions.
Paramount Television Studios to Shut Down
The closure of Paramount Television Studios will mark the end of a long history in the entertainment industry. The studio has produced numerous iconic television shows, including "Cheers," "Happy Days," and "The Brady Bunch." However, in recent years, the studio has faced increasing competition from streaming services and independent production companies.
Ongoing Merger and Layoffs at Paramount
The closure of Paramount Television Studios comes amid an ongoing wave of layoffs and a merger between Paramount Global and ViacomCBS. In recent months, Paramount has laid off hundreds of employees as it integrates its operations with ViacomCBS.
The restructuring and layoffs are part of Paramount Global's efforts to cut costs and position the company for future growth in the competitive media landscape.
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