Paramount TV Studios Is Shutting Down

A familiar name in the TV industry is shuttering for good: Paramount Television Studios is done at the end of this week, part of an ongoing restructuring at parent company Paramount Global, reports Deadline. The current iteration of PTVS has been around since 2013 and has been responsible for shows such as Reacher (Amazon Prime), The Spiderwick Chronicles (Roku), 13 Reasons Why (Netflix), and Station Eleven (Warner Bros. Discovery), per the Los Angeles Times. The shows will be absorbed by CBS Studios, the larger TV studio under the Paramount Global umbrella.

Though the latest version of PTVS was resurrected only in 2013, the Wall Street Journal describes the studio as "iconic" for its prior history. "For decades, Paramount was one of the pre-eminent producers of television shows," it notes, functioning as the television arm of the movie studio. Paramount Global Co-Chief Executive George Cheeks told staffers in a memo that the move wasn't based on performance but was "the result of significant changes in the TV and streaming marketplace and the need to streamline our company." (More Paramount stories.)