Paramount addresses rumors that it is considering closing Channel 10

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

Paramount President and CEO of International Markets Pam Kaufman said The Sydney Morning Heraldshe has no intention of closing Ten.

‘Of course not. Not only are we not closing, but we’re excited and we’re investing,’ she said.

“This is a market where our strategy is strong and it’s really working.”

Paramount Global, formerly known as ViacomCBS, paid $250 million for the network just five years ago.

The Australian was the first to report the possibility of a sale, citing sources who said Paramount expected to sell 10 in the next two years.

Channel 10 was bought by ViacomCBS in 2017.

The conglomerate, whose diverse interests include movies, book publishing and amusement parks, changed its name to Paramount Global in February of last year.

It follows reports that Paramount has fired several local executives, including the head of its broadcast division.

Vice President of Broadcasting Liz Baldwin, Vice President of Operations Frank Filosi and at least seven other senior employees have been laid off.

The layoffs are part of a move toward a more global approach to broadcasting content, reported the Australian Financial Review earlier this month.

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