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Paramount Television Studios closes

Paramount Television Studios

Paramount Global chooses to end the activity of Paramount Television Studios as part of an extensive financial restructuring in order to address the hole of more than 500 million dollars in losses that the studio was dragging.

Paramount, owner of networks such as CBS, MTV and Comedy Central, intends with this operation to return to profitable growth before its merger with Skydance Media.

The president of the production company of titles such as The Offer, Jack Ryan, The Inheritors of Time o The Spiderwick Chronicles, Nicole Clemens, acknowledged this week in a memo addressed to employees that the decision is a consequence of the general transformation that the industry is experiencing in relation to streaming services.

Clemens stressed that “this has been a challenging and transformative time for the entire industry and, unfortunately, our studio is not immune.”

For its part, George Cheeks, co-CEO of Paramount, will leave the company, and ongoing projects as well as those in development at Paramount TV Studios will be transferred to CBS Studios. For Cheeks, the closure of the studios "is not a decision based on how PTVS performed. This move is the result of significant changes in the television and streaming market and the need to rationalize our company."

It should be noted that while the closure of the studios is known, Paramount's streaming division, which includes Pluto TV y Paramount+, just posted its first quarterly profit in three years.

The Paramount Global parent company includes, in addition to the now-defunct Paramount Television Studios division, Paramount Pictures, an iconic film producer since 1912 with a film library that includes Titanic, Forrest Gump o The Godfather, as well as franchises such as Mission Impossible y Transformers; CBS Studios, which produces global franchises like the universe Star Trek, as well as late-night and daytime talk shows; and Showtime/MTV Entertainment Studios, a producer of television series and films, which also includes the MTV Documentary Films division.

By, Aug 15, 2024, Section:Business, Television, TV Production

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