Paramount Global is closing its Paramount Television Studios and laying off nearly 2,000 employees as it prepares for a merger with Skydance Media. The company announced the studio's closure, which has produced popular streaming shows like "Reacher" and "13 Reasons Why," as part of broader cost-cutting measures. The layoffs, aimed at saving $500 million annually, will occur in phases, with most completed by September. The move comes as Paramount struggles with declining profits in its traditional cable TV business and prepares for new ownership under David Ellison’s Skydance Media, expected to take control in 2025.
See "Paramount shutters television studio, begins major layoffs ahead of Skydance merger", Meg James, Los Angeles Times, August 13, 2024