MTV News is no more.
The news outlet, founded 36 years ago with a single show that eventually blossomed into an upscale CNN with shows on the network and a strong presence online, has been shuttered as part of a major Paramount Global reorganization. Which is what 25% of Showtime/MTV watches. Entertainment Studios/Paramount Media closed.
In a letter sent to employees by Chris McCarthy, president of Paramount Media Networks, he outlined the reorganization – Showtime and MTV Studios would be combined “into one powerful studio team”, with nine separate teams combined into “one portfolio”. Will be connected. Group.” He also cited the success of Paramount+’s streaming slate, including a suite of Taylor Sheridan projects, but “despite this success in streaming, we, like many of our peers, continue to feel pressured by macroeconomic headwinds.”
feedback? “To reduce our domestic team by about 25%.” “This is a difficult but important strategic restructuring of our group. Through the elimination of some units and the streamlining of others, we will be able to reduce costs and create a more efficient approach to our business as we move forward ,” McCarthy wrote.
This comes after disappointing earnings, following which the stock plunged 28%. It’s unclear how the news will affect the Sheridan show — including the flagship series “Yellowstone,” which will soon end to make way for a sequel series, and spin-offs like “1923” and “Tulsa King.” Additional Sheridan Project. Mayor of Kingstown” and several upcoming projects (including more “Yellowstone” spin-offs).
Read McCarthy’s letter below:
Team,
As we finalize the integration of Showtime and continue to transform our business for the future, we’ve laid a great foundation for continued success by consolidating our group across two functions:
- studio – Integrating Showtime and MTV Entertainment Studios into one powerful studio team
- network – Combination of nine different teams in one portfolio group
This combination resulted in an incredible track record of hits including “Yellowstone,” “1883,” “Tulsa King,” “South Park,” “The Challenge,” “Teen Wolf,” “1923,” “Drag Race,” ” Mayor of Kingstown,” “Your Honor,” “George & Tammy” and “Yellowjackets” – which, taken together, drove record subscribers across Paramount+ and Showtime and helped Paramount+ lead the industry in new subscriber growth .
However, despite this success in streaming, we, like many of our peers, continue to feel the pressure of macroeconomic headwinds. To address this, our senior leaders, in coordination with HR, have been working closely over the past few months to determine the optimal organization for the current and future needs of our business.
As a result, we have made the difficult but necessary decision to reduce our domestic team by approximately 25%. This is a difficult but important strategic restructuring of our group. By eliminating some units and streamlining others, we will be able to reduce costs and create a more efficient approach to our business going forward. Today we will notify employees whose positions are affected and leaders are sending news directly to those teams/or individuals. These meetings will be followed by individual 1:1’s with our HR partners.
I realize that these decisions will be very difficult for everyone, especially those who will be leaving. This is not something we take lightly. We have some of the most passionate and dedicated team members who give their all to take our brand and business forward. This is why it is so difficult to say goodbye to our friends and co-workers. To those affected, we deeply appreciate the passion and creativity you bring to every day. I want to thank you for your many contributions.
Our leadership team and HR partners are committed to ensuring this process is handled with compassion and respect.
sincerely,
chris
