Paramount cutting 25% of networks staff, ending MTV News
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Paramount Global is implementing a string of layoffs that will also include shuttering the MTV News offering.
According to reports, about 25% of employees in the Showtime, MTV Entertainment Studios and Paramount Media Networks are expected to lose their jobs starting May 10, 2023.
Although Paramount’s announcements contained the usual jargon and corporate speak, it appears the company is essentially trying to reduce its payroll to save costs as the country heads into uncertain economic territory. Advertising revenue has been down for most major media companies, though a 2024 election boost next year could reverse some of those fortunes.
Other changes included consolidating Nick, MTV, Comedy Central, Paramount Network, CMT, Smithsonian, TV Land, Logo and Pop TV into a single network group, likely creating the need to eliminate even more duplicate positions. Separately, a studio group will manage Showtime and MTV Entertainment Studios, though some cuts are expected there as well.
Meanwhile, the MTV News brand is being shut down completely, as other several other departments in operations. NBCUniversal’s LX News also recently announced it would shut down its operations in mid-2023, resulting in some some losses.
Earlier this year, Paramount rebranded its streaming offering as Paramount+ with Showtime and announced it would essentially be combining operations of Showtime, including the linear channel, into the same group, which likely caused duplicate job functions the company wanted to shed. The group already laid off 120 staffers shortly after the announcement.
The cuts are the latest in rounds of layoffs at major media outlets and big tech — with some having already made significant cuts within the past year or so.
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