American media giant Paramount addresses rumours it is considering closing down Channel Ten

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

Paramount’s president and chief executive of international markets Pam Kaufman told The Sydney Morning Herald, she has no intention of closing Ten.

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

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

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

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 , she has no intention of closing Ten 

It follows reports Paramount has 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 have been let go.

The redundancies are part of a move towards a more global approach to broadcast content, reported the Australian Financial Review earlier this month.

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 Sarah Harris