Paramount Television Studios Shuts Down, Lays Off 15% of Workforce as It Prepares to Merge with Skydance Media

Paramount Television Studios is shutting down amid layoffs and restructuring at Paramount Global. Paramount has begun laying off 15% of its global workforce and eliminating redundant roles to find $500 million in annual cost savings. Existing Paramount Television Studios projects will be folded into CBS Studios. It's unclear if any staffers will transition to CBS Studios. Paramount Television Studios was launched in 2013 as a division of Paramount Pictures. The closure comes as Paramount Global prepares to merge with Skydance Media, aiming to find $2 billion in reduced expenses.