Paramount Television Studios, a production facility originally aimed at getting Paramount Pictures back into the business of making TV series, will shut down, the latest bout of cost cutting by parent corporation Paramount Global as it seeks to eliminate $500 million amid a chaotic shift in the entertainment industry.

“This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune,” said Nicole Clemens, president of the unit, which debuted in 2013, in a memo to staffers. “Over the past 11 years, she said, the studio “has weathered seemingly insurmountable obstacles through a combination of strength, determination, and unwavering commitment. We met these challenges with incredible resilience, creativity, and passion for what we do, and I could not be prouder of our team. We’ve also had the privilege to collaborate with some of the most brilliant creative talent in the industry to help tell incredible stories seen around the world, entertaining and shaping culture.”

Paramount Television marked the second time Paramount Pictures tried to move into the TV business — separate from the storied shingle that was built on the Desilu production studio founded by Lucille Ball and Desi Arnaz. That studio, which backed such TV treasures as “I Love Lucy” and “Star Trek,” eventually became the center of Paramount Studios after an acquisition by Gulf + Western, and would be inherited by CBS after its split from the company formerly known as Viacom Inc. in 2005.

The new Paramount Television Studios helped boost the movie studio, which aimed to find ways to make programs tied to its many famous films, including the Jack Ryan spy movies or “The Godfather.” With more newly launched streamers hungry for content, the operating theory was that the new studio could help Paramount strike alliances with a bevy of new broadband players hungry for content.

Under its aegis, the company produced “The Offer,” an insider tale of the making of the landmark movie, for Paramount+; and series based on Tom Clancy’s Jack Ryan character for Amazon Prime Video. Other series it produced include “The Spiderwick Chronicles for Roku and a revival of the Terry Gilliam movie “Time Bandits” that is now a series on Apple’s streaming service.

“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,” said George Cheeks, the Paramount Global co-CEO, in a statement to employees. He added: “In addition to PTVS, there are members of CBS teams who will be leaving the company. These are valued colleagues we admire and respect, whose talents contributed to the leadership position we enjoy today. I want to express my deepest gratitude for their contributions, hard work and dedication.”