Layoffs in the media industry continue to roll out. So far we’ve seen mass layoffs from companies like Vice Media and Buzzfeed. The latest is Paramount, who is the parent company to MTV.
The company has made the decision to reduce its domestic team by 25%. Along with laying off some of its staff, Paramount has also decided to pull the cord on MTV News after a 36-year run. In a company memo, President and CEO, Chris McCarthy explains that this all was a “very hard but necessary decision.”
“This is a tough yet important strategic realignment of our group,” 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.”
MTV News already downsized in 2017. When faced with competitors like BuzzFeed and Vice, the company said at the time it would refocus on shortform content and video. It’s most recent coverage focused on entertainment and pop culture news and criticism.