MTV News to Shut Down as Paramount Media Networks Slashes US workforce
Paramount Media Networks, MTV and Showtime, which are divisions of Paramount, announced on Tuesday that it would shut down MTV News and reduce its workforce by 25%.
Chris McCarthy, the head of Paramount Media Networks, MTV and Showtime, revealed that the media giant has continued to feel pressure from broader economic headwinds despite its success in streaming.
The decision to scale down MTV News comes after it was significantly reduced in recent years. The move comes less than a month after BuzzFeed announced the elimination of its award-winning news division and Vice Media canceled its acclaimed “Vice News Tonight” as part of a broad restructuring.
MTV News began in the 1980s when Kurt Loder, a Rolling Stone editor turned TV host, joined the network and launched “The Week in Rock” program and other specials.
During the ’90s, MTV News provided an alternative to traditional cable news that appealed to young Americans.
McCarthy described the cuts as a “strategic realignment” that aimed to streamline units and reduce overall costs to create a more effective approach to the business as they move forward.
Employees affected by the layoffs were to be notified in person on Tuesday. Apart from MTV News, some of the company’s units are being eliminated, most of which are operations.
A spokesperson for Paramount stated that nearly every major news, entertainment and technology company has been forced to reduce its workforce in recent months as they face a slumping advertising market and other industry challenges.
CNN, The Washington Post, NPR, Gannett, Vox Media, NBC News and others have also cut their workforces in recent months.
