Paramount Television Studios (PTVS) is shutting down after 11 years as Paramount Global began the latest round of cost-cutting on Tuesday ahead of the expected merger with Skydance Media. The news came as Paramount Global leadership began scheduled lay-offs affecting 15% of the US-based workforce, or approximately 2,000 positions, which co-CEOs George Cheeks, Chris McCarthy and Brian Robbins announced in last week’s earnings call. The company is looking to make $500m in cuts and laid off approximately 800 staff in February. This will not affect Star Trek, which is done under CBS Television Studios. Read the full article on Screen Daily here.