Paramount‘s got some bad news for its TV crew: they’re shutting down the whole TV studio. The company’s axing a huge chunk of its workforce – like, 15% of its people – as part of a massive makeover.

It’s all going down as Paramount gets ready to join forces with Skydance Media. The bosses broke the news to employees in a not-so-fun email, saying they’re closing up shop and sending their TV projects over to CBS Studios. Nicole Clemens, the head of Paramount TV, is also out of a job.

This isn’t just about the TV studio. Paramount is also cutting jobs in marketing, tech, and finance. They’re trying to save a ton of cash, and it’s gonna hurt. The company says they have to make these tough calls to stay in the game, but it’s a major bummer for anyone losing their job.