Current:Home > StocksMTV News shut down as Paramount Global cuts 25% of its staff -Prime Capital Blueprint
MTV News shut down as Paramount Global cuts 25% of its staff
View
Date:2025-04-14 22:48:25
The entertainment world is bidding farewell to MTV News. The network's heyday ended years ago but, for a time, it was the go-to source for interviews with leading artists and newsmakers, from Madonna to Prince.
The shutdown of MTV News comes as Paramount Global, the parent company of CBS, Nickelodeon, Comedy Central and Showtime announced today that it is laying off some 25% of its staff.
In addition to reports of a soft ad market, Paramount Global is doing considerable restructuring. Earlier this year, Showtime merged with MTV Entertainment Studios.
In an email to staff obtained by NPR, Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks, explained the decision-making behind the cuts. While touting the "incredible track record of hits" such as Yellowstone, South Park, and Yellowjackets, McCarthy wrote, "despite this success in streaming, we continue to feel pressure from broader economic headwinds like many of our peers. To address this, our 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."
"This is a very sad day for a lot of friends and colleagues," wrote 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."
The news comes on the heels of a disappointing first quarter earnings report for the corporation. During the earnings call this week, Paramount Global CEO Bob Bakish said the corporation 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."
A few days ago, MTV announced it was scaling back its annual awards show in the face of an ongoing writer's strike.
Chris McCarthy's full email to Paramount Global staff is below:
Team,
As we finalize the integration of SHOWTIME and continue to transform our business for the future, we have set a great foundation for continued success by consolidating our group into two functions:
Studios – integrating SHOWTIME and MTV Entertainment Studios into one powerful studio team
Networks – combining nine separate teams into one portfolio group
This combination has resulted in an incredible track record of hits including Yellowstone, 1883, Tulsa King, South Park, The Challenge, Teen Wolf, 1923, Drag Race, Mayor of Kingstown, Your Honor, George & Tammy and Yellowjackets – which, taken together, drove record subscribers across Paramount+ and Showtime and helped Paramount+ lead the industry in new subscriber growth.
However, despite this success in streaming, we continue to feel pressure from broader economic headwinds like many of our peers. To address this, our 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.
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. We have some of the most passionate and dedicated team members, who bring their full selves to drive our brands and business forward. This is why it's so difficult to say goodbye to our friends and colleagues. To those impacted, we deeply appreciate the passion and creativity you have brought every day. I want to thank you for your many contributions.
Our leadership team and HR partners are committed to ensuring this process is done with empathy and respect.
Sincerely,
Chris
veryGood! (32)
Related
- Federal hiring is about to get the Trump treatment
- Washington state man accused of eagle killing spree to sell feathers and body parts on black market
- Paris 2024 organizers to provide at least 200,000 condoms to athletes in Olympic Village
- March Madness schedule today: Everything to know about NCAA Tournament games on Thursday
- EU countries double down on a halt to Syrian asylum claims but will not yet send people back
- 2024 Tesla Cybertruck Dual Motor Foundation Series first drive: Love it or hate it?
- Vermont owner of now-defunct firearms training center is arrested
- Conor McGregor bares his backside and his nerves in new ‘Road House’: ‘I'm not an actor’
- Federal hiring is about to get the Trump treatment
- The Federal Reserve holds interest rates steady. Here's the impact on your money.
Ranking
- Selena Gomez's "Weird Uncles" Steve Martin and Martin Short React to Her Engagement
- USWNT get Germany, Australia in group stage at Paris Olympics; US men get host France
- Reddit, the self-anointed the ‘front page of the internet,’ set to make its stock market debut
- Vessel off Florida Keys identified as British warship that sank in the 18th century
- Biden administration makes final diplomatic push for stability across a turbulent Mideast
- Congrats, you just got a dry promotion — no raise included
- A police officer was accused of spying for China. The charges were dropped, but the NYPD fired him
- 2024 Tesla Cybertruck Dual Motor Foundation Series first drive: Love it or hate it?
Recommendation
McKinsey to pay $650 million after advising opioid maker on how to 'turbocharge' sales
It’s not just a theory. TikTok’s ties to Chinese government are dangerous.
Riley Strain Case: Missing College Student’s Mom Shares Tearful Message Amid Ongoing Search
Who has the best AI? Tech expert puts ChatGPT, Gemini and Perplexity to the test
The Louvre will be renovated and the 'Mona Lisa' will have her own room
Christine Quinn's 2-Year-Old Son Taken to Hospital After Husband Christian Dumontet's Assault Arrest
$6,500 school vouchers coming to Georgia as bill gets final passage and heads to governor
2 hospitalized, 27 safe after rowing club boats capsize off Connecticut