In the latest wave of industry layoffs, the recently combined Showtime/MTV Entertainment Studios as well as Paramount Media Networks, overseen by the division’s President and CEO Chris McCarthy, is reducing its domestic team by 25% today. McCarthy addressed the cuts, which he called a “very hard but necessary decision”, in a company memo.According to sources, the basic cable networks were most heavily impacted, with a number of units being shut down as part of consolidation, mostly on the operations side.Also folding is MTV News, the news production division of MTV, which was launched in the late 1980s. The unit already had undergone significant downsizing over the last six years. MTV News staffers took to social media to share the layoff news. 4-Among the senior-level executives impacted are Jessica Zalkind, SVP, Talent and Series Development, MTV Networks, and Todd Radnitz, SVP of Original Unscripted Series at MTV Entertainment Group and Paramount+, we hear. East Coast casting is being folded into the West Coast operation.Showtime/MTV Entertainment Studios, has been largely spared this time, I hear, after it was hit hard in February when the two studios were combined, with Showtime taking the brunt of the cuts.“This is a tough yet important strategic realignment of our group,” McCarthy said. “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.”The new wave of cuts comes on the heels of Paramount Global falling way shy of Wall Street forecasts last week when the company reported a loss of $1.1 billion for Q1, leading to a 25% stock price drop.
© 2023 Deadline Hollywood, LLC.