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Little bolt of lightning in Hollywood: the studio Paramount announced its intention to close Paramount Television Studiosits production unit initially intended to relaunch Paramount Pictures in the television series sector.
According to Variety, the move is a cost-cutting move by parent company Paramount Global as it seeks to save $500 million amid upheaval in the entertainment industry, which has already seen Paramount announce it will lay off 15% of its U.S. employees this year.
“This has been a challenging and transformative time for the entire industry, and unfortunately, our studio is not immune to it,” justifies Nicole Clemens, president of the television branch of Paramountwhich was launched in 2013.Over the past 11 years, the studio has overcome seemingly insurmountable obstacles through a combination of strength, determination and unwavering commitment. We have met these challenges with incredible resilience, creativity and passion for what we do, and I am so proud of our team. We have also been privileged to collaborate with some of the brightest creative talent in the industry to help tell incredible stories that are seen around the world, entertaining and shaping culture.”
Under his leadership, the company has, for example, produced The Offerat the heart of the making of the film The Godfatherone of the emblems of Paramount. She also developed the series Jack Ryan with John Krasinski or more recently Bandits, Banditscurrently on Apple.
Variety points out that all series and projects currently in development at Paramount Television Studios will not be abandoned but transferred to CBS Studios, the other television branch belonging to the same group.