As a long-time connoisseur of the silver screen and small, I’ve seen my fair share of Hollywood’s ebb and flow. The latest news about Paramount Television Studios shutting down, while not unexpected in this ever-changing landscape, still manages to pique my curiosity.
Restructuring within corporations, such as Hollywood studios, is a common occurrence. This involves one entity taking over others or divisions being spun off. It’s just part of the business landscape. Usually, these changes don’t significantly impact viewers of movies and television shows unless their favorite productions are affected. Therefore, the announcement by Variety that Paramount Global is closing Paramount Television Studios might seem significant, but it’s important to note that this is a separate division established in 2013, distinct from CBS Studios, which manages most of the company’s TV content.
Initially, Paramount Television Studios was designed to create TV shows using intellectual properties owned by Paramount Pictures. With movies like Jack Ryan and The Godfather under their belt, they produced the TV show “Jack Ryan” and the miniseries “The Offer.” However, due to the complex and rapidly changing streaming market, studios often produce more content than they can monetize effectively. To reduce the approximately $500 million annual cost of PTS, Paramount Global has decided to close it down. Instead, ongoing productions will be handled by CBS Studios, which is responsible for shows such as “Star Trek,” “Evil,” “Ghosts,” and others.
In the report, there’s no mention of the number of jobs that could be affected by this closure, which is typically the crucial aspect when corporations undergo restructuring. If you’ve ever found yourself out of work due to a merger, you’d understand it doesn’t help much knowing the tasks you were responsible for will continue without your involvement. However, television as an industry should persist.
Kyle Anderson, a Senior Editor at TopMob, presents the weekly podcast ‘Laser Focus’, a deep exploration of pop culture. His film and television reviews are available here. Connect with him on Instagram and Letterboxd.
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2024-08-13 21:32