MTV News will shut down amid layoffs at Paramount Media Networks.
Along with the network's decision to close the news outlet's doors, 25% of employees across Showtime, MTV Entertainment Studios and other Paramount Media Network groups will be effected by layoffs.
A majority of layoffs will be related to the Paramount Media Networks’ decision to consolidate studios.
In a memo to staff, Showtime/MTV Entertainment Studios and Paramount Media Networks president Chris McCarthy said despite the network's success in streaming, the company continues to feel economic pressures, per Variety.
"Senior leaders in coordination with HR have been working together over the past few months to determine the optimal organization for the current and future needs of our business," McCarthy said. "As a result, we have made the very hard but necessary decision to reduce our domestic team by approximately 25%."
"This is a tough yet important strategic realignment of our group. Through the elimination of some units and by streamlining others, we will be able to reduce costs and create a more effective approach to our business as we move forward. Today we will notify employees whose positions are being impacted with leaders communicating the news directly to those teams/or individuals. These meetings will be followed by individual 1:1s with our HR partners."
"I realize these decisions will be very hard for everyone, most of all, those who will be leaving. It’s not something we take lightly," McCarthy continued. "To those impacted, we deeply appreciate the passion and creativity you have brought every day. I want to thank you for your many contributions."
Paramount Media Networks will consolidate groups into studios encompassing Showtime and MTV Entertainment Studios, and networks "combining nine separate teams into one portfolio group," the outlet reported.
Paramount Media Networks owns a series of entertainment studios including MTV, CMT, Comedy Central, Showtime, and Nickelodeon.
Networks effected by the organization's decision to consolidate include Nickelodeon, MTV, Comedy Central, Paramount Network, CMT, Smithsonian, TV Land, Logo and Pop TV.
In January, Showtime's linear and streaming platforms rebranded to Paramount+ With Showtime.
“Paramount is home to a team of world-class communications professionals that regularly produce amazing results on behalf of the company’s portfolio of leading brands,” said executive vice president and head of corporate communications Justin Dini. “This new function will help organize and accelerate our efforts to act as ‘one Paramount’ across the global communications function as we increasingly work together more seamlessly and routinely in support of the company’s biggest priorities.”
Showtime had previously laid off 120 employees amidst the merge of MTV Entertainment Studios into Paramount Media Networks’ streaming platform Paramount+.
