MTV News is leaving the entertainment industry. The network’s heyday ended years ago, but it was once the go-to source for interviews with leading artists and newsmakers ranging from Madonna to Prince.
MTV News’ closure coincides with the announcement today by Paramount Global, the parent company of CBS, Nickelodeon, Comedy Central, and Showtime, that it is laying off 25% of its workforce.
Aside from reports of a soft ad market, Paramount Global is undergoing significant restructuring. Showtime merged with MTV Entertainment Studios earlier this year.
Showtime/MTV Entertainment Studios and Paramount Media Networks president and CEO, explained the reasoning behind the cuts. McCarthy wrote that, despite the “incredible track record of hits” like Yellowstone, South Park, and Yellowjackets, “we continue to feel pressure from broader economic headwinds like many of our peers.” To address this, our senior leaders have been collaborating with HR over the last few months to determine the best organisation for our company’s current and future needs.”