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The world of television and streaming media has been, in recent months, notoriously brutal. And it doesn’t look like the landscape is going to get easier to traverse anytime soon. Showtime, MTV Entertainment, and Paramount Media Networks will be laying off 25% of its employees. Along with this news, it has also been announced that MTV News will be shutting down. This news comes after months of deliberations within the company following Showtime’s rebranding as Paramount+ with Showtime.
The news was released in a memo to the staff of Showtime/MTV Entertainment Studios and Paramount Media Networks. The Memo comes from the company’s president Chris McCarthy who said that despite Paramount’s “success in streaming, we continue to feel pressure from broader economic headwinds like many of our peers.” He continued, saying 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.”
The reason for this reduction seems clear, the company needs to cut costs. McCarthy indicated this in his statement saying that, “[t]hrough the elimination of some units and by streamlining others, we will be able to reduce costs and create a more effective approach to out business as we move forward.” Affected Paramount-owned networks include MTV, Nick, Comedy Central, CMT, Paramount Network, Smithsonian, TB Land, Pop TV, and Logo. This news comes only four months after initial reductions by Showtime, which saw 120 employees being laid off, all while merging MTV Entertainment Studios with Paramount+.
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Of course, Paramount is not the only company seeing brutal cuts to their staff. Even Disney has been subject to an intense round of layoffs, with former CEO Bob Chapek announcing layoffs last November. HBO also saw a round of layoffs last August. This newest round of from Paramount is somewhat more surprising, considering the success of such properties as Yellowstone and its spinoffs. The company has seen particular success in streaming. However, McCarthy noted that despite this success, the company has continued to “…feel pressure from broader economic headwinds.” Of course, a part of this reduction is the inevitable consequence of bringing Showtime into its fold, certain redundancies and cost-cutting measures are almost always an aspect of such mergers. The elimination of MTV News is particularly surprising but is in line with McCarthy’s reasoning regarding the changing landscape of media.
This news is still breaking, and further details have not been released.
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Khushi Patel is a science fiction author who lives in Austin, Texas. She has published three novels, and her work has been praised for its originality and imagination. Khushi is a graduate of Rice University, and she has worked as a software engineer. She is a member of the Science Fiction Writers of America, and her books have been nominated for several awards.