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Paramount shuts down MTV News division

By Liam Reilly | CNN

Paramount Media Networks announced Tuesday it will shutter MTV News and slash its US workforce by 25%, bringing to an end the iconic music video network’s news division that once covered a range of issues from pop culture to politics and became a household name for Generation X and Millennial adolescents.

The division’s President Chris McCarthy said in a memo to staff Tuesday that despite the media giant’s “success” in streaming, 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%,” he continued. “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 said.

The decision to shut down MTV News, which had already been significantly scaled down in recent years, comes less than a month after BuzzFeed announced it would eliminate its award-winning news division and Vice Media canceled its acclaimed “Vice News Tonight” as part of a broad restructuring.

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