After 36 years in operation, MTV News is apparently going out of business soon. The move comes as Paramount Global, the parent company of MTV News, slashes its US workforce by 25%.
According to CNN, this move brings to an end the iconic music video network's news division, which once covered a range of issues from pop culture to politics and became a household name for Generation X and Millennial teenagers.
"The company continues to feel pressure from broader economic headwinds like many of our peers. As a result, we have made the very hard but necessary decision to reduce our domestic team by approximately 25%," said Chris McCarthy, who heads Paramount Media Networks, MTV, and Showtime, in a memo to staff.
He said that this happened despite the media giant's "success" in streaming.
"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."
"Employees affected by the layoffs were to be notified in person on Tuesday," McCarthy continued.
Numerous tech and media organisations, including CNN, The Washington Post, NPR, Gannett, Vox Media, NBC News, and others have reduced their workforces in recent months.
