Paramount is shutting down its TV studio

In the memo, Clemens and Cheeks insisted that while Paramount TV is coming to an end, “our ethos will live on in shows that will continue to be enjoyed by global audiences for years to come.” Last week, Paramount said that in order to bring down its spending costs, it was preparing to slash its headcount by 15 percent across its marketing, comms, tech, and finance divisions. That plan was always meant to be rolled out in three phases, and today, Cheeks and fellow co-CEOs Chris McCarthy and Brian Robbins shared in a memo of their own that 90 percent of those job cuts should be finished by this September.

“The industry continues to evolve, and Paramount is at an inflection point where changes must be made to strengthen our business,” the CEOs said. “And while these actions are often difficult, we are confident in our direction forward.”