MTV News will be shutting down as Paramount Media Networks announces layoffs, Showtime/MTV Entertainment Studios and Paramount Media Networks President Chris McCarthy announced on Tuesday.
The layoffs come after months of internal deliberations about integration amid Showtime’s rebranding into Paramount+ With Showtime and will affect 25 percent of employees across the network media groups, with MTV News getting the boot. In the memo, obtained and published by Variety, McCarthy said that despite Paramount’s “success in streaming, we continue to feel pressure from broader economic headwinds like many of our peers,” and that “senior leaders in coordination with HR have been working together over the past few months to determine the optimal organization for the current and future needs of our business.”…