MTV News is shutting down, a part of broader cost-cutting measures being applied by its mum or dad firm Paramount Global.

Igor Golovniov/SOPA Images/LightRocket by way of Getty Images

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Igor Golovniov/SOPA Images/LightRocket by way of Getty Images

MTV News is shutting down, a part of broader cost-cutting measures being applied by its mum or dad firm Paramount Global.

Igor Golovniov/SOPA Images/LightRocket by way of Getty Images

The leisure world is bidding farewell to MTV News. 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 News comes as Paramount Global, the mum or dad firm of CBS, Nickelodeon, Comedy Central and Showtime introduced in the present day that it’s shedding some 25% of its workers.

In addition to stories of a soft ad market, Paramount Global is doing appreciable restructuring. Earlier this 12 months, Showtime merged with MTV Entertainment Studios.

In an electronic mail to workers obtained by NPR, Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks, defined the decision-making behind the cuts. While touting the “incredible track record of hits” resembling Yellowstone, South Park, and Yellowjackets, McCarthy wrote, “despite this success in streaming, we continue to feel pressure from broader economic headwinds like many of our peers. To address this, our 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.”

“This is a very sad day for a lot of friends and colleagues,” wrote MTV News’ Josh Horowitz on Instagram, “Many great people lost their jobs. I was hired by MTV News 17 years ago. I’m so honored to have been a small part of its history. Wishing the best for the best in the business.”

The information comes on the heels of a disappointing first quarter earnings report for the company. During the earnings name this week, Paramount Global CEO Bob Bakish mentioned the company was “navigating a challenging and uncertain macroeconomic environment, and you see the impact of that on our financials, as the combination of peak streaming investment intersects with cyclical ad softness.”

Just a few days in the past, MTV introduced it was scaling back its annual awards present within the face of an ongoing writer’s strike.

Chris McCarthy’s full electronic mail to Paramount Global workers is beneath:

Team,

As we finalize the mixing of SHOWTIME and proceed to rework our enterprise for the long run, we now have set an excellent basis for continued success by consolidating our group into two features:

Studios – integrating SHOWTIME and MTV Entertainment Studios into one highly effective studio staff

Networks – combining 9 separate groups into one portfolio group

This mixture has resulted in an unbelievable observe report of hits together with Yellowstone, 1883, Tulsa King, South Park, The Challenge, 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.

However, regardless of this success in streaming, we proceed to really feel stress from broader financial headwinds like lots of our friends. To deal with 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.

As a end result, we now have made the very exhausting however needed choice to scale back our home staff by roughly 25%. This is a troublesome but essential strategic realignment of our group. Through the elimination of some items and by streamlining others, we will cut back prices and create a more practical strategy to our enterprise as we transfer ahead. Today we are going to notify staff whose positions are being impacted with leaders speaking the information on to these groups/or people. These conferences shall be adopted by particular person 1:1s with our HR companions.

I understand these choices shall be very exhausting for everybody, most of all, those that shall be leaving. It’s not one thing we take evenly. We have a number of the most passionate and devoted staff members, who convey their full selves to drive our manufacturers and enterprise ahead. This is why it is so tough to say goodbye to our mates and colleagues. To these impacted, we deeply respect the eagerness and creativity you will have introduced day by day. I wish to thanks in your many contributions.

Our management staff and HR companions are dedicated to making sure this course of is completed with empathy and respect.

Sincerely,

Chris