Paramount Media Networks Lay Off 25% of Staff, MTV News Shut Down

Paramount Global, under the leadership of Chris McCarthy, is laying off 25% of its domestic team as part of a consolidation effort that integrates Showtime into its cable and streaming purview. The majority of the cuts are being felt by the networks group, with certain units, including MTV News, being shut down altogether. The move comes amid broader economic headwinds and follows the integration of Showtime into two functions: studios and networks. McCarthy has been reimagining the Showtime brand, increasingly focused on three buckets of programming: diverse cultures, anti-heroes, and high-stakes worlds.