Paramount Global, the media giant, is shutting down Paramount Television Studios in a major cost-cutting move. The decision comes as the entertainment industry faces significant challenges, and it is part of a broader restructuring effort by the company.

"It is a challenging time for the entire entertainment industry, and unfortunately our studio is not immune to these developments," wrote Nicole Clemens, the TV studio director, in an internal memo to employees.

All projects currently in production or development under the Paramount Television Studios banner will be moved to the CBS Studios unit. This includes titles like Cross for Prime Video and the series Before and Murderbot for Apple TV+. In recent years, the studio has produced successful shows such as 13 Reasons Why, The Haunting of Hill House, Jack Ryan and Reacher.

This closure is just one of many major measures Paramount Global is taking to streamline its operations. The company has already announced plans to lay off approximately 2,000 employees, representing about 15% of its workforce, in three rounds of job cuts.

This reorganisation is likely linked to the company's recent merger with Skydance Media, which also operates a significant television studio. The move could potentially lead to consolidation and cost savings, as both companies now operate under the same umbrella.