Paramount Global is closing Paramount Television Studios (PTVS) as part of a significant restructuring effort, impacting 15% of its U.S. workforce, or about 2,000 employees. This move is driven by the shifting TV and streaming marketplace and aims to save $500 million in costs ahead of a planned merger with Skydance. All current PTVS projects, including popular series like 'Reacher' and 'Time Bandits,' will be transferred to CBS Studios. The layoffs will occur in three phases, expected to conclude by late September. Paramount's leadership emphasized that the decision is not a reflection on PTVS's performance but a necessary step to streamline operations. President Nicole Clemens will exit the company following the studio's shutdown.