News channel is shut down after 36 years in shock move
The network was launched as a single show in 1987 but it is being
shuttered this week after parent company Paramount Global announced they will be getting rid of 25 per cent of their US workforce.This is in the wake of a restructuring to integrate Showtime, which will see 'studios' combine Showtime with Entertainment Studios and 'networks', which will merge nine separate teams into one portfolio group, leading to the majority of the lay-offs., Showtime/MTV Entertainment Studios and Paramount Media Networks president Chris McCarthy wrote in a memo to staff: “This combination has resulted in an incredible track record of hits…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 organisation for the current and future needs of our business.
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