Igor Golovniov/SOPA/LightRocket image via Getty Images
The entertainment world is saying goodbye to MTV News. The network’s golden age ended years ago, but for a time it was the source of interviews with top artists and journalists, from Madonna ARRIVE Prince.
The closure of MTV News comes as Paramount Global, the parent company of CBS, Nickelodeon, Comedy Central and Showtime today announced that it will be laying off about 25% of its employees.
In an email to employees obtained by NPR, Chris McCarthy, president and chief executive officer of Showtime/MTV Entertainment Studios and Paramount Media Networks, explained the decision-making behind the cuts. While touting an “incredible hit record” such as Yellowstone, South Park, And yellow jacket, McCarthy wrote, “Despite this success in streaming, we continue to feel the pressure of broader economic headwinds like many of our peers. To address this, leaders are calling for a head start. Our senior leadership in collaboration with human resources has worked together over the past few months to determine the optimal organization for the current situation and future needs of our business.”
“This is a very sad day for so many friends and colleagues,” wrote Josh Horowitz of MTV News on Instagram“Many great people have lost their jobs. I was hired by MTV News 17 years ago. I’m honored to be a small part of its history. Best wishes to the business.”
The news comes on the heels of a disappointed first quarter earnings report for the company. During this week’s earnings call, Paramount Global CEO Bob Bakish said the group is “navigating a challenging and uncertain macroeconomic environment, and you’ll see the impact of that.” that for our finances, when the combination of peak streaming investment intersects with the softness of cyclical advertising.”
Below is Chris McCarthy’s full email to Paramount Global staff:
As we complete the SHOWTIME integration and continue to transform our business for the future, we have established a great foundation for continued success by uniting our team into two functions. power:
film studio – integrating SHOWTIME and MTV Entertainment Studios into one powerful studio group
Network – combine nine separate groups into one portfolio group
This combination has resulted in an incredible 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 – together, have driven record subscriber numbers on 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 collaboration with human resources have worked together over the past few months to define the optimal organization for the current and future needs of the business. our business.
As a result, we made the very difficult but necessary decision to reduce the domestic team by about 25%. This is a difficult but important strategic realignment for our team. 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 employees whose positions are being impacted with leaders who will announce the news directly to those groups/or individuals. These meetings will be followed by individual 1:1 meetings with our HR partners.
I realize these decisions will be very difficult for everyone, especially those who are leaving. That is not something we take lightly. We have some of the most passionate and dedicated team members who are dedicated to driving our brand and business forward. This is why it’s so hard to say goodbye to our friends and colleagues. To those affected, we appreciate the passion and creativity you bring out 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.