Phoenix bails. Paramount shutters: Hollywood’s latest

Five days before the production of Christine Vachon’s film starring Joaquin Phoenix is set to start, the actor dropped out. For reasons unclear, what is certain is the producer’s outrage. The project was shut down. And, that is not the only Hollywood shutdown in sight. Paramount Television Studios, one of three studios under the company, is closing up shop as David Ellison of Skydance is fulfilling his promise of huge cuts. The Town is looking grim this week, and Kim Masters and Matt Beloni rummage through the remains.

Who will pay the price of cold feet? Joaquin Phoenix got cold feet on a project that was supposed to start production just days before he ran for the hills. The project was going to start filming in Mexico by Todd Haynes and independent producer Christine Vachon. Vachon is behind projects Far from Heaven and Carol, but whether the gay themes of this film were what made Phoenix drop is unclear. But, this is not a first for the Oscar winner. Phoenix had to be talked back into the blockbuster Joker back in 2019. What’s strange is that Phoenix was the one who brought this project to Vachon. “Now the question becomes, who's responsible for the money?” says Belloni. As millions of dollars were spent on a production that was forced to shut down, there may be a lawsuit lurking for the actor.

What will happen to Paramount Studios? The grim saga of Paramount and Warner Bros. Discovery continues. Paramount carried out a 15% cut to the company, shutting down one of three of its studios. Paramount TV studios —home of productions like 13 Reasons Why —is closing up shop. CBS will continue to house the broadcast along with consolidating prominent TV productions. MTV entertainment remains relatively safe for now.

Is there a possible sense of security for Hollywood in sight? The promise of Paramount cuts though, was not new news. David Ellison, CEO of Skydance, promised $500 million in cuts and was most likely looped into the decision to shut down the studio. Ellison does not yet own the holding company or Paramount Global, but the days of a potential bidding war are dwindling. “I've never seen the town like this, and I do not enjoy covering it like this.” says Masters, “I hope that whatever horrible sorting process is underway . . . we can get to the end of it so that people can start having some sense of security.”