Paramount Global announced on Tuesday it would be shutting down its TV studio, laying off thousands amid the industry’s uncertain future.
The company announced that Paramount Television Studios will be shutting down later this week. In a memo to staff on Tuesday morning, president Nicole Clemens said the overall transformation in the industry has affected the studio drastically.
“As you’re all aware, Paramount Global has made the difficult decision to close Paramount Television Studios as part of the company’s broader restructuring plans,” the memo said. “This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune.
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