Paramount Media Networks shedding 25 per cent of its workforce, together with shutting down MTV Information, “due to “stress from broader headwinds like lots of our peersa.
MTV’s information division was launched within the Nineteen Eighties, which is able to now be shut down, in response to an organization memo seen by Selection.
Layoffs will affect 25 per cent of staff throughout the Showtime, MTV Leisure Studios and Paramount Media Networks teams within the US.
Paramount Media Networks president Chris McCarthy stated within the memo to staff that senior leaders in coordination with HR have been working collectively over the previous few months to find out the optimum organisation for the present and future wants of their enterprise.
“Consequently, we now have made the very onerous however obligatory determination to cut back our home staff by roughly 25 per cent,” stated McCarthy.
“It is a robust but necessary strategic realignment of our group. By way of the elimination of some items and by streamlining others, we will scale back prices and create a more practical strategy to our enterprise as we transfer ahead,” he added.
The media and leisure group will now be consolidated into “two capabilities”: Studios, encompassing Showtime and MTV Leisure Studios; and networks, “combining 9 separate groups into one portfolio group”.
The affected Paramount-owned networks embrace Nick, MTV, Comedy Central, Paramount Community, CMT, Smithsonian, TV Land, Emblem and Pop TV.
Nearly all of the layoffs can be among the many networks group because of consolidation.
Showtime earlier laid off 120 staff whereas merging into MTV Leisure Studios.
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