MTV Information is shutting down, a part of broader cost-cutting measures being carried out by its father or mother firm Paramount World.
Igor Golovniov/SOPA Pictures/LightRocket through Getty Pictures
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Igor Golovniov/SOPA Pictures/LightRocket through Getty Pictures
MTV Information is shutting down, a part of broader cost-cutting measures being carried out by its father or mother firm Paramount World.
Igor Golovniov/SOPA Pictures/LightRocket through Getty Pictures
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 father or mother firm of CBS, Nickelodeon, Comedy Central and Showtime introduced at present that it’s shedding some 25% of its workers.
Along with reviews of a smooth advert market, Paramount World is doing appreciable restructuring. Earlier this yr, Showtime merged with MTV Leisure Studios.
In an e-mail to workers 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 “unbelievable monitor file of hits” equivalent to Yellowstone, South Park, and Yellowjackets, McCarthy wrote, “regardless of this success in streaming, we proceed to really feel strain from broader financial headwinds like a lot 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.”
“It is a very unhappy day for lots of buddies 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 most effective for the most effective within the enterprise.”
The information comes on the heels of a disappointing first quarter earnings report for the company. In the course of the earnings name this week, Paramount World CEO Bob Bakish mentioned the company was “navigating a difficult and unsure macroeconomic setting, 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 workers is under:
Staff,
As we finalize the combination of SHOWTIME and proceed to remodel our enterprise for the long run, we have now set an amazing 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 unbelievable monitor file 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 file subscribers throughout Paramount+ and Showtime and helped Paramount+ lead the business in new subscriber progress.
Nonetheless, regardless of this success in streaming, we proceed to really feel strain from broader financial headwinds like a lot 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.
Because of this, we have now made the very exhausting however vital choice to cut back our home crew by roughly 25%. It is a powerful but essential strategic realignment of our group. By means of the elimination of some models and by streamlining others, we will scale back prices and create a more practical strategy to our enterprise as we transfer ahead. At this time we’ll notify workers 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 notice these choices shall be very exhausting for everybody, most of all, those that shall be leaving. It isn’t one thing we take flippantly. We’ve got a few of 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 troublesome to say goodbye to our buddies and colleagues. To these impacted, we deeply respect the eagerness and creativity you could have introduced every single day. I wish to thanks to 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
