By Liam Reilly | CNN
Paramount Media Networks introduced Tuesday it would shutter MTV Information and slash its US workforce by 25%, bringing to an finish the long-lasting music video community’s information division that after lined a spread of points from popular culture to politics and have become a family identify for Technology X and Millennial adolescents.
The division’s President Chris McCarthy mentioned in a memo to workers Tuesday that regardless of the media large’s “success” in streaming, the corporate continues to “really feel strain from broader financial headwinds like a lot of our friends.”
“Because of this, we have now made the very onerous however obligatory resolution to cut back our home crew by roughly 25%,” he continued. “By way of the elimination of some models and by streamlining others, we can cut back prices and create a more practical strategy to our enterprise as we transfer ahead.”
Staff affected by the layoffs had been to be notified in individual on Tuesday, McCarthy mentioned.
The choice to close down MTV Information, which had already been considerably scaled down lately, comes lower than a month after BuzzFeed introduced it could get rid of its award-winning information division and Vice Media canceled its acclaimed “Vice Information Tonight” as a part of a broad restructuring.
MTV Information’ meteoric rise started within the Nineteen Eighties when Rolling Stone editor-turned-TV host Kurt Loder joined the community and launched its “The Week in Rock” program, in addition to different specials. Throughout the ’90s, MTV Information additionally supplied an alternative choice to conventional cable information that appealed to younger Individuals.
The cuts, described by McCarthy as a “strategic realignment,” goal to streamline models and cut back general prices, permitting the corporate to be more practical because it strikes ahead.
Along with MTV Information, some models within the firm are being eradicated altogether, most of that are operations, a Paramount spokesperson mentioned.
Practically each main information, leisure and expertise firm has been pressured to slash its workforce in latest months as they face a slumping promoting market and different trade challenges.
CNN, The Washington Submit, NPR, Gannett, Vox Media, NBC Information and others have additionally lower their workforces in latest months.