Paramount Media Networks cuts 25% workers to close MTV News 2023

10 May, San Francisco: Paramount Media Networks is laying off 25% of its personnel and closing MTV News due to “pressure from broader headwinds like many of our competitors”

According to a company memo seen by Variety, MTV’s news division, which was established in the 1980s, will be shut down.

MTV Entertainment Studios and Paramount Media Networks will lay off 25% of US employees.

Chris McCarthy, the president of Paramount Media Networks, stated in a memo to employees that senior leaders and HR have collaborated over the past few months to determine the optimal organizational structure for the current and future requirements of their business.

McCarthy stated, “As a result, we have made the difficult but necessary decision to reduce our domestic team by approximately 25%.”

“This is a difficult yet crucial strategic realignment for our group. Through the elimination of certain divisions and the streamlining of others, we will be able to reduce costs and establish a more efficient business strategy going forward,” he added.

The media and entertainment group will now be divided into “two functions”: studios, including Showtime and MTV Entertainment Studios, and networks, “combining nine separate teams into one portfolio group”

Nick, MTV, Comedy Central, Paramount Network, CMT, Smithsonian, TV Land, Logo, and Pop TV are among the affected networks that are owned by Paramount.

As a result of consolidation, the networks division will experience the greatest number of cutbacks.

Showtime lay off 120 employees in preparation for its merger with MTV Entertainment Studios.