Paramount Media Networks is the latest entity to be impacted by massive layoffs. On Thursday, May 9, Paramount Media Networks, overseen by Chris McCarthy, let go 25% of its staff.
“Despite this success in streaming, we continue to feel pressure from broader economic headwinds like many of our peers. To address this, our senior leaders in coordination with HR have been working together over the past few months to determine the optimal organization for the current and future needs of our business,” McCarthy wrote in a memo to staff members.
“As a result, we have made the very hard but necessary decision to reduce our domestic team by approximately 25%. This is a tough yet important strategic realignment of our group.”
Among those impacted by the company’s massive layoffs is MTV News. The news division of the media entity will shut down after steadily downsizing over the last five years.
“MTV News shutting down breaks my heart. I was proud to work for News during my time there. I learned so much during that era,” journalist Rob Markman tweeted.
“In it’s prime, MTV News was one of the most influential programs in existence. Necessary programming that launched a thousand ships for several generations,” Rap Caviar Host Brandon “Jinx” Jenkins added.
MTV News is one of many entities to be impacted over the last month. Vice is reportedly filing for bankruptcy while BuzzFeed News is planning to shut down.