Paramount Global is cutting around 25% of its US staff across its Showtime/MTV Entertainment Studios and Paramount Media Networks divisions.
Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks, said in a memo to staff that the layoffs would allow Paramount to “reduce costs and create a more effective approach to our business as we move forward.”
MTV News, which launched in 1985, is to shut down as part of the cost cutting drive.
News of the cuts follow Paramount’s Q1 financial report earlier this month. The media giant posted a $1.12bn revenue decline, with streaming losses climbing to $511m, leading to a share price drop of more than 28%.
In his memo, McCarthy said that despite success in streaming, “we continue to feel pressure from broader economic headwinds like many of our peers.” As a result, he said that the company had been working to “determine the optimal organisation for the current and future needs of our business.”
News of the cuts follows the departure of around 120 staff at Showtime in February, which is being integrated into streaming service Paramount+ and its team merged into MTV Entertainment Studios.
Paramount Media Networks, originally called MTV Networks, operates TV channels including CMT, Comedy Central, MTV, Nickelodeon and TV Land.
Paramount Global has had success with shows such as Yellowstone, 1883, Tulsa King, South Park, The Challenge, Teen Wolf, 1923, Drag Race, Mayor of Kingstown, Your Honor, George & Tammy and Yellowjackets across Paramount+ and Showtime.