Paramount Global cuts 25% of staff, shuts down MTV News: report

Media company Paramount Global, looking to reduce costs as it merges its Showtime and MTV networks, is letting go about 25% of the staff in its domestic cable networks, Bloomberg News reported on Tuesday.

Employees are being notified Tuesday, according to the report.

Paramount is combining nine separate teams into one and among the units being shut down is MTV News, Bloomberg News reported.

Paramount, formerly known as ViacomCBS, did not immediately respond to a Reuters’ request for comment.