Shut down

MTV News is being shuttered this week as its parent company Paramount Global announced it was slashing 25 per cent of its US workforce. The network was launched as a single show in 1987 and became a cultural tastemaker for millions of Gen X viewers in the Nineties. In a memo to staff, Showtime/MTV Entertainment Studios and Paramount Media Networks president Chris McCarthy said that, despite Paramount’s “success in streaming, we continue to feel pressure from broader economic headwinds like many of our peers,” and that “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.”