Chris McCarthy, who heads Paramount Media Networks, MTV and Showtime, stated in a memo to employees that regardless of the media big’s “success” in streaming, the corporate continues to “feel pressure from broader economic headwinds like many of our peers.”
“As a result, we have made the very hard but necessary decision to reduce our domestic team by approximately 25 per cent,” he 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.”
Employees affected by the layoffs had been to be notified in individual, McCarthy stated.
The choice to close down MTV News, which had already been considerably scaled down lately, comes lower than a month after BuzzFeed introduced it will eradicate its award-winning news division and Vice Media cancelled its acclaimed “Vice News Tonight” as a part of a broad restructuring.
MTV News’ meteoric rise started within the Nineteen Eighties when Rolling Stone editor-turned-TV host Kurt Loder joined the community and launched its “The Week in Rock” program, in addition to different specials.
During the ’90s, MTV News additionally supplied a substitute for conventional cable news that appealed to younger Americans.
The cuts, described by McCarthy as a “strategic realignment,” purpose to streamline models and scale back general prices, permitting the corporate to be simpler because it strikes ahead.
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In addition to MTV News, some models within the firm are being eradicated altogether, most of that are operations, a Paramount spokesperson stated.
Nearly each main news, leisure and know-how firm has been pressured to slash its workforce in latest months as they face a slumping promoting market and different trade challenges.
CNN, The Washington Post, NPR, Gannett, Vox Media, NBC News and others have additionally minimize their workforces in latest months.
Source: www.9news.com.au
