As a long-time TV enthusiast who has witnessed the evolution of the industry from black and white to HD, I can’t help but feel a pang of nostalgia upon hearing about the shutdown of Paramount TV Studios. The studio’s rich history of producing some of my favorite shows like “13 Reasons Why”, “Watchmen” and “Reacher” has left an indelible mark on my viewing experience.
Shutting down Paramount Global’s own television studio will result in many job losses, relocation of numerous shows to different brands, and a concentration of control within the two television studios that remain operational – at least until the prospective merger between Paramount and Skydance is finalized.
Paramount Television Studios shut down on August 16 as part of a significant round of layoffs within the parent company. In an attempt to reduce expenses by $500 million, Paramount is letting go of 15% of its U.S. workforce. The affected productions, which include the popular Amazon Prime Video series “Reacher” and Apple TV+’s “Time Bandits,” as well as upcoming shows like “Cross” (on Amazon Prime), “Before” and “Murderbot” (both on Apple TV+) and any projects currently in development, will be transferred to sister company CBS Studios.
Despite the shutdown, Paramount+, the streaming platform that Paramount aims to make financially sustainable, is unlikely to be impacted immediately. Although Paramount Television Studios (PTVS) has created shows like The Offer and Fatal Attraction for Paramount+, they are not currently producing content specifically for this in-house streaming service.
Unlike many of its peers, Paramount TV Studios, led by Nicole Clemens, stands out in a unique way. While CBS Studios dominates the majority of scripted shows on the CBS network and houses the ‘Star Trek’ franchise on Paramount+, Showtime/MTV Entertainment Studios is known for producing series like ‘Dexter’ and ‘Yellowjackets’, as well as all content from the ‘Yellowstone’ showrunner (in collaboration with 101 Studios) – including spin-offs of the popular Western series such as ‘Special Ops: Lioness’ and ‘Mayor of Kingstown’.
For over a decade now, from 2013 to 2020, I’ve been a devoted fan of Paramount Television Studios (PTVS), which was previously known simply as Paramount Television. During this period, PTVS wasn’t primarily known for producing in-house programming but rather supplying series to various platforms outside its corporate family. This is quite unusual for studios that are part of larger conglomerates, making PTVS a rarity.
Paramount TV Studios handles a significant amount of internal production, similar to shows like Fatal Attraction, The Offer, Grease: Rise of the Pink Ladies on Paramount+ and an American Gigolo series on Showtime. However, they are also open to selling their content to any potential buyers, even for big intellectual properties such as Jack Ryan and Reacher, which ended up on Amazon Prime Video. This type of business strategy is less common in the vertically integrated industry compared to how it was in the past.
As a gaming enthusiast, I’m super excited to see CBS Studios expanding its horizon with two potential hit shows – “Reacher” and the upcoming “Cross”, premiering in November. These shows are co-productions with Skydance Television, which could bring some interesting twists if their merger happens next year. Skydance TV is also responsible for Apple TV+’s “Foundation”, Arnold Schwarzenegger’s action comedy “FUBAR” and the upcoming “Terminator Zero” at Netflix. They’re also cooking up an Apple TV+ series based on William Gibson’s “Neuromancer”. Buckle up, it’s going to be a thrilling ride!
Skydance’s leaders, including David Ellison and Jeff Shell – who will assume CEO and president roles in the new Paramount, respectively, once a deal is finalized – have been deliberately vague about the organizational structure of the merged company. At present, George Cheeks, Chris McCarthy, and Brian Robbins, the current co-CEOs of Paramount, are still steering the ship and overseeing the ongoing redundancies. (Notably, CBS Studios operates under Cheeks’ jurisdiction, while McCarthy manages Showtime/MTV Entertainment Studios.)
It’s likely that the merged company won’t consider expanding their number of TV studios from two to three again, given its current setup following the acquisition of 20th Century Fox’s entertainment assets. The company’s TV studio group has undergone changes and now consists of ABC Signature, 20th TV, and FX Productions for live-action scripted shows. A similar restructuring might occur around 2025.
As someone who has been following entertainment news for years, I can confidently say that The Hollywood Reporter is one of the most reliable sources out there. In fact, I remember eagerly awaiting its August 21 issue last year, and this story in particular really caught my attention. If you’re interested in staying updated on all things showbiz, I highly recommend subscribing to The Hollywood Reporter magazine. You won’t regret it!
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2024-08-21 15:25