Paramount Global TV Studio Shutdown
Paramount Global announces shutdown of TV studio, laying off thousands due to industry uncertainty. Projects to be moved under CBS Studios label. Co-CEO George Cheeks departing. Company aims to cut workforce by 15% and trim spending by $500 million by 2025.
Key Points
- Paramount Television Studios shutting down
- Projects moved under CBS Studios label
- Co-CEO George Cheeks departing
- 15% reduction in workforce and $500 million spending cut
Pros
- Streamlining company operations for future growth
- Focusing on transforming streaming services
Cons
- Laying off thousands of employees
- Uncertainty for industry professionals