Paramount Global is shutting down Paramount Television Studios this weekend, letting sister TV unit CBS Studios — the prodco behind shows such as The Big Bang Theory, NCIS, and Young Sheldon — absorb the current Paramount TV Studios productions.
Launched 60 years ago, the original Paramount Television is known for iconic TV series such as Happy Days, Cheers and Star Trek. The new Paramount TV Studios was created 11 years ago and is known for such productions as the Jack Ryan TV series, Reacher, Time Bandits, and The Offer.
Paramount Global is implementing a cost-cutting consolidation that represents the elimination of about 2,000 jobs (15 percent of its workforce), aiming to save $500 million ahead of its expected merger with Skydance. The merger is expected to close in the first half of 2025.
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