Paramount Television Studios will cease operations by the end of the week as part of a long-term strategic plan being carried out by co-CEOs Brian Robbins, George Cheeks and Chris McCarthy.

“To be clear, this is not a decision based on how PTVS performed. This move is the result of significant changes in the TV and streaming marketplace and the need to streamline our company,” Cheeks wrote in an internal memo to staff on Tuesday. “I want to thank PTVS president Nicole

Clemens and the talented team she built for the many signature hits they produced. Under Nicole’s leadership, this studio consistently punched above its weight in attracting top storytellers and stars to create best-in-class series. I want to thank every PTVS employee for shepherding a slate of shows that helped usher Paramount into the streaming era.”

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