Layoff 2023: Paramount Media Networks slashes 25% jobs, to shut down MTV News

Layoff 2023: Paramount Media Networks laying off 25 per cent of its workforce, along with shutting down MTV News, because of pressure from broader headwinds like many of our peersa. MTV`s news division was launched in the 1980s, which will now be shut down, according to a company memo seen by Variety.

Layoffs will impact 25 per cent of employees across the Showtime, MTV Entertainment Studios and Paramount Media Networks groups in the US.

Paramount Media Networks president Chris McCarthy said in the memo to employees that senior leaders in coordination with HR have been working together over the past few months to determine the optimal organisation for the current and future needs of their business.

"As a result, we have made the very hard but necessary decision to reduce our domestic team by approximately 25 per cent," said McCarthy.

"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," he added.

The media and entertainment group will now be consolidated into "two functions": Studios, encompassing Showtime and MTV Entertainment Studios; and networks, "combining nine separate teams into one portfolio group".

The affected Paramount-owned networks include Nick, MTV, Comedy Central, Paramount Network, CMT, Smithsonian, TV Land, Logo and Pop TV.

The majority of the layoffs will be among the networks group due to consolidation.

Showtime earlier laid off 120 employees while merging into MTV Entertainment Studios.

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com