MTV News shuts down after 36 years amidst Paramount layoffs.
One-quarter of the US staff at Chris McCarthy's Showtime/MTV Entertainment Studios/Paramount Media Networks Group has been laid off, with the majority of the layoffs coming at the networks end due to prior consolidation. MTV News will be one of the casualties. The decision was made due to economic headwinds, including a struggling advertising market and dwindling linear-television subscribers. The greater Paramount Global company has already recognized about $1.7 billion in costs from combining Paramount+ and Showtime.