On Tuesday, a major Paramount division announced it would shut down MTV News and cut its U.S. workforce by 25%. It will do away with the news arm of the iconic music video network that once made the Generation known, covering issues ranging from pop culture to politics. X and young millennials.
Chris McCarthy, head of Paramount Media Networks, MTV and Showtime, said in a note to staff Tuesday that despite the company’s “success” in streaming, “like many of its peers, it’s more We continue to feel pressure from broader economic headwinds.”
“As a result, we have made the very difficult but necessary decision to cut our domestic team by about 25%,” he continued. “By retiring some units and streamlining others, we will be able to reduce costs and create a more effective approach to our business as we move forward.”
Employees affected by the layoffs were to be notified directly on Tuesday, McCarthy said.
The decision to shut down MTV News, which had already been significantly curtailed in recent years, was followed by BuzzFeed announcing it was discontinuing its award-winning news division and Vice Media canceling its critically acclaimed “Vice News Tonight.” It took place less than a month after. large-scale restructuring;
MTV News’ rapid rise came in the 1980s when Rolling Stone editor-turned-TV host Kurt Lauder joined the network to launch the “The Week in Rock” program and other specials. It started with In the 90s, MTV News also appealed to America’s youth by offering an alternative to traditional cable news.
The cuts, which McCarthy describes as a “strategic reorganization,” are aimed at streamlining the unit and reducing overall costs, allowing it to become more effective as the company moves forward.
In addition to MTV News, several divisions within the company have been completely eliminated, most of them operations, according to a Paramount spokesperson.
Nearly all of the big news, entertainment and technology companies have had to cut jobs in recent months as they face a downturn in the advertising market and other industry challenges.
CNN, Washington Post, NPR, Gannett, Vox Media and NBC News have also cut jobs in recent months.
Correction: An earlier version of this article incorrectly identified who was making the layoffs. Paramount Media Networks, Showtime and MTV divisions are reducing their US staff by 25%.