Paramount Media Networks, Showtime and MTV Entertainment Studios to Lay Off 25% of Staff as MTV News Shuts Down

— which was significantly affected by layoffs more than five years ago — will be shutting down. Other units, most of which are operations, will be shuttered as well.

“As a result, we have made the very hard but necessary decision to reduce our domestic team by approximately 25%,” McCarthy said. “This is a tough yet important strategic realignment of our group. 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.

This combination has resulted in an incredible track 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 – which, taken together, drove record subscribers across Paramount+ and Showtime and helped Paramount+ lead the industry in new subscriber growth.

As a result, we have made the very hard but necessary decision to reduce our domestic team by approximately 25%. This is a tough yet important strategic realignment of our group. 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. Today we will notify employees whose positions are being impacted with leaders communicating the news directly to those teams/or individuals.

Source: Entertainment Trends (entertainmenttrends.net)

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