MTV News shutting down as Paramount moves to cut costs

MTV News is shutting down as Paramount Media Networks moves to slash headcount in an effort to cut costs.

A quarter of employees across Showtime, MTV Entertainment Studios and Paramount Media Networks will lose their jobs as part of parent company Paramount Global's efforts to restructure its cable and entertainment TV unit, according to a memo from Chris McCarthy, who heads Paramount Media Networks, that was shared with CBS News. (Paramount Global, the parent company, also owns CBS News.)

"[W]e have made the very hard but necessary decision to reduce our domestic team by approximately 25%," McCarthy states in the email, calling the move "a tough yet important strategic realignment of our group."