While the video game industry has felt pretty dire as of late with the sheer number of studios that have been shut down and the tens of thousands of folks that have lost their jobs over the past couple of years, truthfully this isn’t an issue plaguing just the gaming world. Technology is seeing massive cuts and layoffs (with Intel’s recent announcement being remarkably huge) and so is the entertainment space.
Not only is Warner Bros. Discovery currently searching for ways to right the ship, but Paramount has unveiled a huge cost-cutting measure that aims to save the company around half a billion dollars and that is expected to see thousands of employees laid off.
Specifically, it’s the Paramount Television Studios that are being shut down. As per Variety, it’s mentioned that this closure will see all in development shows and productions shifted over to CBS Studios. As for what will happen to future productions remains unclear, but no doubt this will have not only an impact on Paramount+’s original offering down the line, but also original content elsewhere as Paramount TV Studios was responsible for the creation of Apple TV+’s Time Bandits, Roku’s The Spiderwick Chronicles, and Prime Video’s Jack Ryan show, just to name a few.
This shutdown is expected to cut costs by $500 million.