MTV News Shuttered Amid Major Paramount Restructuring

thewrap.com:

As we finalize the integration of SHOWTIME and continue to transform our business for the future, we have set a great foundation for continued success by consolidating our group into two functions:This combination has 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 continue to feel pressure from broader economic headwinds like many of our peers.

To address this, our senior leaders in coordination with HR have been working together 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 very hard but necessary decision to reduce our domestic team by approximately 25%.

This is a tough yet important strategic realignment of our group. 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.

Today we will notify employees whose positions are being impacted with leaders communicating the news directly to those teams/or individuals.