Paramount cuts 25% of domestic team and shut down MTV News amidst reorganization

Paramount Global, under the leadership of Chris McCarthy, is cutting 25% of its domestic staff as part of a reorganization. The restructuring is aimed at merging Showtime with Paramount+ and combining nine separate teams into one portfolio group. As a result of these changes, certain units, including MTV News, will be shut down. Paramount Global had 24,500 employees worldwide as of the end of 2022. Despite the success of streaming, the company is feeling pressure from broader economic headwinds, resulting in the layoffs.

The cuts were not unexpected given the consolidation and the current market situation. McCarthy has been reimagining the Showtime brand and focusing on three buckets of programming: diverse cultures, antiheroes, and high-stakes worlds. Projects that don’t fit into these categories have been shelved or sold elsewhere. Parent company Paramount Global has also reported dismal quarterly earnings, citing factors such as an 11% drop in TV ad revenue.

McCarthy sent a memo to staff notifying them of the layoffs and explaining the rationale behind the reorganization. He acknowledged the hard work and dedication of the affected employees and expressed his gratitude for their contributions. The company is committed to ensuring that the process is carried out with empathy and respect.

A Former employee’s emotional TikTok video went viral after being laid by the managed following the announcement:

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