MTV News is shutting down after nearly four decades. The shuttering is part of layoffs at Paramount that will be hitting a quarter of employees across several television companies as they merge together. In a statement to employees for Showtime, MTV Entertainment Studios and Paramount Media Networks, president Chris McCarthy said that despite Paramount’s streaming success there is pressure from “broader economic headwinds.” He added that they need to reduce costs and created a more effective approach to the business. Abut 25-percent of their employees will be laid off as Showtime rebrands into Paramount Plus with Showtime. The cuts come four months after Showtime laid off 120 employees while merging into MTV Entertainment Studios.
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