The president of the Showtime, MTV Entertainment Studios and Paramount Media Networks groups says layoffs will be hitting 25% of employees Tuesday.
— which was significantly affected by layoffs more than five years ago — will be shutting down. Other units, most of which are operations, will be shuttered as well.
McCarthy’s group will be consolidated into “two functions”: Studios, encompassing Showtime and MTV Entertainment Studios; and networks, “combining nine separate teams into one portfolio group.” The affected Paramount-owned networks include Nick, MTV, Comedy Central, Paramount Network, CMT, Smithsonian, TV Land, Logo and Pop TV.
However, despite this success in streaming, we continue to feel pressure from broader economic headwinds like many of our peers. To address this, our 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.
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