Paramount's Layoffs Lead to MTV News Shutdown and Staff Cuts

Paramount Global, the parent company of Showtime and MTV Entertainment Studios, is cutting 25% of staff and shutting down units like MTV News due to economic headwinds. The division will be split into two functions, "studios" and "networks," which will merge nine separate teams into one portfolio. Despite recent successes like "Yellowstone," the company shared dismal quarterly earnings, including an 11% dip in TV ad revenue. Other media companies like Warner Bros. Discovery and Disney have also announced layoffs due to economic challenges.