MTV News to shut down amid layoffs at Paramount

MTV’s — formerly “Music Television” — news division is expected to close as part of a new layoff by Paramount Global, the company announced in a memo to employees.

Chris McCarthy, president of Variety, Showtime/MTV Entertainment Studios and Paramount Media Networks, said in a memo obtained and published by Variety that it was due to pressures from “a broader economic storm like many of our peers.”

“To address this, in partnership with HR, our senior leaders have been working together over the past few months to determine the best organization for the current and future needs of our business,” McCarthy wrote.

McCarthy added that the fine would affect 25 percent of employees at Showtime, MTV Entertainment Studios and Paramount Media Networks in the U.S., including MTV News, Variety reported.

“As a result, we have taken the very difficult but necessary decision to reduce our domestic team by approximately 25. [percent]In the memo, the president described the decision as “a difficult but necessary strategic adjustment for our group,” adding that the decision will help “reduce costs and create a more efficient approach to our business as we move forward.”

“Today, we’re notifying employees whose workplaces are impacted, with leaders relaying the news directly to those groups/or individuals.” McCarthy added. “These meetings are followed individually [one-on-ones] With our HR partners.

The groups under McCarthy are divided into two functions: Studios, which combines Showtime and MTV Entertainment Studios into one group, and Networks, which combines nine separate groups into one portfolio group.

MTV News, originally launched in 1987 as a weekly news program called “The Week in Rock,” became an important news outlet for Generation X and millennials, as the newsroom covered news and topics in the worlds of music, entertainment, pop culture, and politics. According to The Hollywood Reporter.

The program has hosted special town hall events featuring such notable guests as former Presidents Obama and Clinton, Microsoft founder Bill Gates and the late Sen. John McCain (R-Ariz.).

MTV News, which has previously experienced layoffs over the past decade, has also employed reporters and video announcers such as Kurt Loder, Sway Calloway, Ananda Lewis, Chris Connelly, Tabitha Soren, John Norris and Serena Altschul.