Paramount Global is restructuring its TV-production business as part of a cost-cutting effort and what the company said were significant changes in the TV and streaming marketplaces.
Paramount on Tuesday said that Paramount Television Studios was shutting down at the end of the week, and that its sister TV unit — CBS Studios — would absorb the production of Paramount shows as a result of the move. CBS Studios produces content for the CBS network, Paramount+ and other platforms.
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