Paramount axes 25% of staff
May 10, 2023
Paramount Global is cutting around 25 per cent of its workforce in its domestic cable networks as it seeks to reduce costs in its merger with Showtime and MTV networks.
Staff affected by the move started receving notifcation of their employment termination on May 9th, according to Bloomberg.
Paramount is combining nine separate teams into one. Among the units being shut down is MTV News, which was established in 1987.
In a memo to staff, MTV Entertainment Studios President Chris McCarthy said: “We have made the very hard but necessary decision to reduce our domestic team by approximately 25 per cent. This is a tough yet important strategic realignment of our group. Through the elimination of some units and by streamlining others, we will be able to reduce costs and create a more effective approach to our business as we move forward.”
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