Paramount Layoffs Lead to MTV News Closure After 36 Years

Paramount is cutting 25% of staff in its domestic cable networks and shutting down its MTV News division. The media company is merging nine teams into one and streamlining others to reduce costs and create a more effective approach to its business. The move comes after the company cut its dividend and released disappointing quarterly earnings. Paramount is eyeing greater integration between its cable television and streaming offerings amid escalating cord-cutting trends. Shares dropped as much as 5.9% on Wednesday.