Paramount Global is planning to reduce costs by shedding around 25% of staff in its domestic cable networks.According to several industry reports, it is also planning to shut down MTV News, which was launched four decades ago, and combine nine separate teams into one.In an email to staff, Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks, said: “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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