Paramount announced layoffs: us cable network department is the hardest hit, MTV News is closed

Beijing time on May 10 morning news, Due to the poor economic situation, Hollywood well-known media company Paramount Global (Paramount Global) announced layoffs, Among them in charge of the US cable network and Showtime / MTV Entertainment Studios department layoffs 25%.

According to data released by Paramount about a week ago, advertising revenue in the traditional TV division fell 11% in the first quarter, cable TV subscription business performed poorly, and overall TV division profits fell 15%. While streaming revenue grew 39 percent, it still couldn't make up for the losses in traditional TV, and Paramount and other media giants face the same problem. Paramount cut its dividend by 79% because of poor results.

Paramount is merging Showtime and MTV Entertainment Studios into a single studio that produces movies and TV series. Paramount is also preparing to consolidate nine U.S. networks into a single group. Paramount had told the public before to cut costs through restructuring. MTV News was quite popular during the golden age of cable TV, and now Paramount plans to shut down MTV News altogether.

Paramount had 24500 employees worldwide by the end of 2022, and the hardest hit was the U.S. cable network division.