Paramount has shuttered MTV News after a 36-year run amid broader cost-cutting as the company announces laying off approximately 25% of its staff.
After a 36-year run, MTV News is shutting down as Paramount Global, the parent company of CBS, Comedy Central, Nickelodeon, and Showtime, announced that it’s cutting around 25 percent of its staff. MTV News was the definitive source for interviews with the most prominent musicians like Madonna and Prince during its heyday.
“This is a very sad day for a lot of friends and colleagues,” writes MTV News’ Josh Horowitz on Instagram. “Many great people lost their jobs. I was hired by MTV News 17 years ago. I’m so honored to have been a small part of its history. Wishing the best for the best in the business.”
Paramount Global is amid considerable restructuring, with Showtime merging with MTV Entertainment Studios earlier this year. The company experienced an underwhelming first quarter despite its continued success in streaming.
During Paramount Global’s earnings call this week, CEO Bob Bakish said the company was “navigating a challenging and uncertain macroeconomic environment, and you see the impact of that on our financials, as the combination of peak streaming investment intersects with cyclical ad softness.”
Paramount Media Networks President and CEO Chris McCarthy issued an email to Paramount Global staff as MTV announces scaling back its annual awards show in the face of an ongoing writer’s strike.
“Despite this success in streaming, we continue to feel pressure from broader economic headwinds like many of our peers,” writes McCarthy. “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.”