Paramount addresses rumours it is considering closing down Channel 10

Channel 10’s parent company, American media giant Paramount Global, has denied rumours it is considering shutting down the network.

Paramount’s president and chief executive of international markets, Pam Kaufman, told The Sydney Morning Herald there are no plans to close Ten.

‘Of course not. Not only are we not shutting down, but we are excited, and we’re investing,’ Ms Kaufman said.

‘This is a market where our strategy is strong, and it’s really working.’

Paramount Global, previously known as ViacomCBS, paid $250million for the Australian TV station just five years ago.

Channel 10’s parent company, American media giant Paramount Global, has denied rumours it is considering shutting down the network. (Pictured: The Bachelor host Osher Günsberg)

The Australian was first to report on the possibility of a sale, citing sources as saying Paramount hoped to offload 10 in the next two years.

Channel 10 was bought out by ViacomCBS in 2017.

The conglomerate, whose diverse interests include motion pictures, book publishing and amusement parks, rebranded as Paramount Global in February last year.

Paramount’s president and chief executive of international markets, Pam Kaufman, told The Sydney Morning Herald there are no plans to close Ten. (Pictured: the old Channel 10 logo as seen above its Pyrmont headquarters on June 13, 2017)

It comes after Paramount sacked a number of local executives, including the head of its streaming division.

Vice president of streaming Liz Baldwin, vice president of operations Frank Filosi and at least seven other senior employees were let go.

The redundancies were part of a move towards a more global approach to broadcast content, reports the Australian Financial Review.

Ten’s chief content officer Beverley McGarvey will become head of Paramount+ in Australia, while commercial officer Jarrod Villani will be Australia’s regional lead.

The Australian was first to report on the possibility of a sale, citing sources as saying Paramount hoped to offload 10 in the next two years. (Pictured: The Project host Sarah Harris)