Given the pressure from industry challenges, Paramount Media Networks is downsizing its staff by 25 per cent and closing a few of its popular divisions.
According to an internal memo viewed by Variety, the media house is shutting down MTV News, which was introduced in the 1980s, along with Show Time. The decision will affect a quarter of the workforce based in US for all the divisions.
In a memo to employees, Paramount Media Networks’ President, Chris McCarthy, stated that senior leaders, in conjunction with HR, have been collaborating over the last few months to establish the best organisational structure for the current and future requirements of the company. The memo also mentioned that the evaluation has led them to reduce 25 per cent of their domestic staff, which is also a difficult decision to make.
The layoffs are said to be a part of the company’s strategy to streamline the units and realign the groups as it will lead to cost reduction and a more efficient approach to their business in the future.
After the mentioned restructuring, the media and entertainment group will be consolidated into two functions, as per the memo. The Studios will involve Showtime and MTV entertainment studios, and Networks, which will combine nine separate teams into one portfolio group.
Paramount-owned networks such as Nick, MTV, Comedy Central, Paramount Networks, CMT, Smithsonian, TV Land, Logo, and Pop TV will be affected by the layoffs. The networks group will see the majority of layoffs due to consolidation. Previously, Showtime had earlier let go 120 employees at the time of the merger with MTV entertainment studios.
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