It’s the end of an era. MTV News has officially closed after three decades of mass layoffs at parent company Paramount.
In an internal note received DiversityShowtime/MTV Entertainment Studios and Paramount Media Networks have confirmed that they will cut 25% of the total US workforce in media groups.
“This is a complex but important strategic realignment for our group,” said Chris McCarthy, president of Showtime/MTV Entertainment Studios and Paramount Media Networks. “By eliminating some divisions and streamlining others, we will be able to cut costs and create a more efficient approach to our business as we move forward.”
The news comes amid Paramount+’s teaming up with Showtime for streaming.
Most of the layoffs will affect Paramount-owned networks, including Nick, Comedy Central, CMT, Smithsonian, Logo, Pop TV, TV Land, Paramount Network and MTV.
“We are not taking this lightly,” McCarthy wrote to staff. “We have some of the most passionate and dedicated team members who put their all into growing our brands and business. That’s why it’s so hard to say goodbye to our friends and colleagues.”
MTV News has been around for 36 years, establishing itself in the late 80s as a hybrid network for those looking for the intersection of pop culture, politics and big news.
The network launched the careers of presenters Kurt Loder and Tabitha Soren, who provided real-time coverage of stunning pop culture events such as the deaths of Kurt Cobain and Tupac.
Social media users took to Twitter to mourn the loss of the iconic unit, posting their favorite clips and remembering how MTV News helped shape television entertainment news.
In honor of the end of MTV News. The best moment of pure chaos
pic.twitter.com/h8dzp4LIQh— Sam Greisman (@SAMGREIS) May 10, 2023
If you’ve lived during the era of Kurt Loder and Tabitha Soren on MTV News, you’ve lived. So many big moments in pop culture: the deaths of Kurt Cobain, Biggie and Tupac, Courtney Love crashing Madonna’s interview, etc. pic.twitter.com/rmdnRDYVfK
— Carlos (@carlosjharris) May 9, 2023
Here is Kurt Loder announcing the death of Kurt Cobain on the MTV news on April 8, 1994.
So millions of people knew that Kurt was no more. pic.twitter.com/lIgj4TAbmt
— Mike Beauvais (@MikeBeauvais) May 9, 2023
MTV news has made an entire generation of Generation X and older millennials pay attention to global events, politics, the world. Kurt Loder and the MTV News crew expanded a part of my brain that I never did while living in a provincial American town. https://t.co/ZehpNmx6jD
— Alisha Grauso (@AlishaGrauso) May 9, 2023
At one time, MTV News was one of the most influential programs in existence.
Necessary programming that launched a thousand ships for several more generations.
— Brandon / Jinx / Big Jinx (@brandonjinx) May 9, 2023
Last week, Paramount Global, which owns MTV and affiliated networks, reported weak earnings for the second quarter of 2023, sending the stock down nearly 28%.
The stock has suffered its worst day since CBS’ merger with Viacom in December 2019.