• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick Paramount brands to lay off 25% of U.S. staff as MTV News shuts down
Editor's Pick

Paramount brands to lay off 25% of U.S. staff as MTV News shuts down

by May 12, 2023
by May 12, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Layoffs will be hitting 25% of employees across the Showtime, MTV Entertainment Studios and Paramount Media Networks groups in the U.S. Tuesday, following months of internal deliberations about integration amid Showtime’s rebranding into Paramount+ With Showtime.

Additionally, MTV News — which was significantly affected by layoffs more than five years ago — will be shutting down. Other units, most of which are operations, will be shuttered as well.

In a memo to staff, Showtime/MTV Entertainment Studios and Paramount Media Networks president Chris McCarthy said that, despite Paramount’s “success in streaming, we continue to feel pressure from broader economic headwinds like many of our peers,” and that “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%,” McCarthy said. “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. These meetings will be followed by individual 1:1s with our HR partners.”

McCarthy’s group will be consolidated into “two functions”: Studios, encompassing Showtime and MTV Entertainment Studios; and networks, “combining nine separate teams into one portfolio group.” The affected Paramount-owned networks include Nick, MTV, Comedy Central, Paramount Network, CMT, Smithsonian, TV Land, Logo and Pop TV.

The majority of the layoffs will be among the networks group due to consolidation.

These cuts come four months after Showtime laid off 120 employees while merging into MTV Entertainment Studios as part of the overall Paramount+ With Showtime strategy, just as Showtime co-presidents Gary Levine and Jana Winograde exited their posts.

See McCarthy’s note to staff in full below.

Team,

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:

• Studios — integrating SHOWTIME and MTV Entertainment Studios into one powerful studio team

• Networks — combining nine separate teams into one portfolio group

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. These meetings will be followed by individual 1:1s with our HR partners.

I realize these decisions will be very hard for everyone, most of all, those who will be leaving. It’s not something we take lightly. We have some of the most passionate and dedicated team members, who bring their full selves to drive our brands and business forward. This is why it’s so difficult to say goodbye to our friends and colleagues. To those impacted, we deeply appreciate the passion and creativity you have brought every day. I want to thank you for your many contributions.

Our leadership team and HR partners are committed to ensuring this process is done with empathy and respect.

Sincerely,

Chris

This post appeared first on NBC NEWS
You Might Also Like
  • WeWork, the office-sharing company once valued at $47B, files for bankruptcy protection
  • Laid off from a nearly six-figure job, this 61-year-old is driving for delivery apps: ‘I don’t get a day off’
  • Americans grow more confident about the economy, even as the Fed’s inflation fight continues
  • Dave & Buster’s plan to allow betting on arcade games draws scrutiny
Share
0
FacebookTwitterPinterestWhatsapp

previous post
New Hampshire Senate kills recreational marijuana bill
next post
Options Trading Strategy: Bear Put Spread

You may also like

Disney tops quarterly profit estimates but starts to lose Disney+...

February 6, 2025

Live Nation spars with senator over its vow to ditch...

October 26, 2023

Howard Schultz, former Starbucks CEO, steps down from company’s board

September 14, 2023

Meta announces 5% cuts in preparation for ‘intense year.’ Read...

January 15, 2025

Why the Fed keeping rates higher for longer may not...

April 25, 2024

Honda recalls nearly 564,000 CR-Vs sold in 22 cold-weather states...

April 7, 2023

Fed Chair Powell says holding rates high for too long...

July 11, 2024

The collapse of a fintech firm with 10 million users...

May 23, 2024

As home sellers and buyers wait on a Fed cut,...

May 1, 2024

Stellantis CEO says $25,000 Jeep EV coming to the U.S....

May 30, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,631 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,302 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Applebee’s owner plots turnaround to lure...

    May 10, 2024

    Hermès to hike U.S. prices for...

    April 18, 2025

    ‘Moana 2’-led Thanksgiving box office could...

    November 27, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here