MTV News is ceasing operations immediately, bringing to a close a 36-year run as the news production arm of the mainstay network. The announcement arrives five years after MTV News considerably downsized in 2017.
25% of employees across Showtime, MTV Entertainment Studios and Paramount Media Networks will lose their jobs, according to Variety. The MTV News team, as well as its operations departments, will be laid off in its entirety.
In a memo to staff obtained by Variety, Showtime/MTV Entertainment Studios and Paramount Media Networks president Chris McCarthy referred to the layoffs as a “very hard but necessary decision” as the companies grapple with economic pressures.
“This is a tough yet important strategic realignment of our group,” McCarthy continued. “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.”
Affected employees were notified on Tuesday, May 9, of their job status. The remaining studios – Showtime and MTV Entertainment Studios – will continue to operate as a consolidated group.
Apart from MTV News’ closure, the studio layoffs will predominantly impact the nine Paramount-owned networks – Nick, MTV, Comedy Central, Paramount Network, CMT, Smithsonian, TV Land, Logo and Pop TV – which have been bunched together as one portfolio group.
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