Paramount Global announces a 25% reduction in its headcount. MTV News will be closed. : NPR

MTV News is shutting down as part of broader cost-cutting measures being implemented by parent company Paramount Global.

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Igor Golovnyov/SOPA Images/LightRocket via Getty Images

MTV News is shutting down as part of broader cost-cutting measures being implemented by parent company Paramount Global.

Igor Golovnyov/SOPA Images/LightRocket via Getty Images

The world of entertainment says goodbye to MTV News. The network’s heyday ended years ago, but for a while it was the go-to source for interviews with top artists and newsmakers, from Madonna to prince.

The MTV News shutdown comes as Paramount Global, the parent company of CBS, Nickelodeon, Comedy Central and Showtime, announced it would lay off about 25% of its staff.

In addition to the reports of A Soft advertising market, Paramount Global is doing a major restructuring. Earlier this year, Showtime merged With MTV Entertainment Studios.

In an email to employees 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 promoting a “track record of hits” as yellowstone, south park, And yellow jackets, mccarthy books, “Despite this broadcast success, we continue to feel pressure from broader economic headwinds as do many of our peers. To address this, our senior leaders in coordination with Human Resources have worked together over the past several months to determine the optimal organization for the current conditions and future needs of our business.”

“This is a very sad day for many friends and colleagues,” Josh Horowitz wrote on MTV News Instagram“So many great people have lost their jobs. I was hired by MTV News 17 years ago. I am so honored to be a small part of its history. I wish the best for the best in the business.”

The news comes on the heels of a disappointing The company’s first-quarter earnings report. During this week’s earnings call, Paramount Global CEO Bob Bakish said the company was “going through a challenging and uncertain macroeconomic environment, and you’re seeing the impact of that on our financials, as the mix of peak investment streaming intersects the softness of cyclical announcements.”

A few days ago, MTV announced that it was cutting back its annual awards program in the face of an ongoing writer’s strike.

Chris McCarthy’s full email to Paramount Global staff is below:

a team,

With the completion of the SHOWTIME incorporation and continuing to transform our business for the future, we have laid a great foundation for continued success by consolidating our group into two functions:

studios Merging SHOWTIME and MTV Entertainment Studios into one powerful studio team

networks Consolidation of nine separate teams into one portfolio group

The combination has resulted in a 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, Attracting record number of subscribers across Paramount+ and Showtime and helping Paramount+ lead the industry in new subscriber growth.

However, despite this streaming success, we continue to feel pressure from broader economic headwinds as do many of our peers. To address this, our senior leaders in coordination with Human Resources have worked together over the past several months to determine the optimal organization for the current and future needs of our business.

As a result, we have made the very difficult but necessary decision to reduce our home team by approximately 25%. This is a difficult but important strategic adjustment for our group. By eliminating some units and streamlining others, we will be able to reduce costs and create a more efficient approach to our business as we move forward. Today, we will notify impacted employees that leaders deliver the news directly to those teams/or individuals. These meetings will be followed by one-on-one meetings with our HR partners.

I understand that these decisions will be very difficult for everyone, and most of all, those who are leaving. It’s not something we take lightly. We have some of the most passionate and dedicated team members, who go out of their way to drive our brands and business forward. This is why it is so difficult to say goodbye to our friends and colleagues. For those affected, we deeply appreciate the passion and creativity you bring each day. I want to thank you for your many contributions.

Our Leadership Team and HR Partners are committed to ensuring that this process is conducted with empathy and respect.

sincerely,

Chris