MTV Information is shutting down, a part of broader cost-cutting measures being carried out by its mother or father firm Paramount World.
Igor Golovniov/SOPA Photos/LightRocket by way of Getty Photos
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Igor Golovniov/SOPA Photos/LightRocket by way of Getty Photos
MTV Information is shutting down, a part of broader cost-cutting measures being carried out by its mother or father firm Paramount World.
Igor Golovniov/SOPA Photos/LightRocket by way of Getty Photos
The leisure world is bidding farewell to MTV Information. The community’s heyday ended years in the past however, for a time, it was the go-to supply for interviews with main artists and newsmakers, from Madonna to Prince.
The shutdown of MTV Information comes as Paramount World, the mother or father firm of CBS, Nickelodeon, Comedy Central and Showtime introduced at present that it’s shedding some 25% of its employees.
Along with reviews of a gentle advert market, Paramount World is doing appreciable restructuring. Earlier this yr, Showtime merged with MTV Leisure Studios.
In an e-mail to employees obtained by NPR, Chris McCarthy, president and CEO of Showtime/MTV Leisure Studios and Paramount Media Networks, defined the decision-making behind the cuts. Whereas touting the “unimaginable monitor report of hits” corresponding to Yellowstone, South Park, and Yellowjackets, McCarthy wrote, “regardless of this success in streaming, we proceed to really feel stress from broader financial headwinds like lots of our friends. To handle this, our senior leaders in coordination with HR have been working collectively over the previous few months to find out the optimum group for the present and future wants of our enterprise.”
“It is a very unhappy day for lots of mates and colleagues,” wrote MTV Information’ Josh Horowitz on Instagram, “Many nice individuals misplaced their jobs. I used to be employed by MTV Information 17 years in the past. I am so honored to have been a small a part of its historical past. Wishing the very best for the very best within the enterprise.”
The information comes on the heels of a disappointing first quarter earnings report for the company. Through the earnings name this week, Paramount World CEO Bob Bakish mentioned the company was “navigating a difficult and unsure macroeconomic surroundings, and also you see the influence of that on our financials, as the mix of peak streaming funding intersects with cyclical advert softness.”
A couple of days in the past, MTV introduced it was scaling again its annual awards present within the face of an ongoing author’s strike.
Chris McCarthy’s full e-mail to Paramount World employees is under:
Crew,
As we finalize the combination of SHOWTIME and proceed to remodel our enterprise for the long run, now we have set a terrific basis for continued success by consolidating our group into two features:
Studios – integrating SHOWTIME and MTV Leisure Studios into one highly effective studio crew
Networks – combining 9 separate groups into one portfolio group
This mixture has resulted in an unimaginable monitor report of hits together with Yellowstone, 1883, Tulsa King, South Park, The Problem, Teen Wolf, 1923, Drag Race, Mayor of Kingstown, Your Honor, George & Tammy and Yellowjackets – which, taken collectively, drove report subscribers throughout Paramount+ and Showtime and helped Paramount+ lead the trade in new subscriber development.
Nonetheless, regardless of this success in streaming, we proceed to really feel stress from broader financial headwinds like lots of our friends. To handle this, our senior leaders in coordination with HR have been working collectively over the previous few months to find out the optimum group for the present and future wants of our enterprise.
In consequence, now we have made the very exhausting however vital resolution to cut back our home crew by roughly 25%. It is a robust but essential strategic realignment of our group. Via the elimination of some models and by streamlining others, we can cut back prices and create a simpler method to our enterprise as we transfer ahead. At the moment we’ll notify workers whose positions are being impacted with leaders speaking the information on to these groups/or people. These conferences will probably be adopted by particular person 1:1s with our HR companions.
I understand these selections will probably be very exhausting for everybody, most of all, those that will probably be leaving. It isn’t one thing we take evenly. We have now among the most passionate and devoted crew members, who convey their full selves to drive our manufacturers and enterprise ahead. This is the reason it is so tough to say goodbye to our mates and colleagues. To these impacted, we deeply admire the fervour and creativity you have got introduced each day. I wish to thanks on your many contributions.
Our management crew and HR companions are dedicated to making sure this course of is completed with empathy and respect.
Sincerely,
Chris
