The division’s President Chris McCarthy said in a memo to staff Tuesday that despite the media giant’s “success” in streaming, the company continues to “feel pressure …
Paramount Media Networks announced Tuesday it will shutter MTV News and slash its US workforce by 25%, bringing to an end the iconic music video network’s news division that once covered a range of issues from pop culture to politics and became a household name for Generation X and Millennial adolescents.
“As a result, we have made the very hard but necessary decision to reduce our domestic team by approximately 25%,” he continued. “Through the elimination of some units and by streamlining others, we will be able to reduce costs and create a more effective approach to our business as we move forward.
The cuts, described by McCarthy as a “strategic realignment,” aim to streamline units and reduce overall costs, allowing the company to be more effective as it moves forward.
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