MTV News is set to shut down after 36 years on air as the company faces huge layoffs for staff.
The network originally launched as a single show in 1987 before finding incredible success, but is now facing the axe. The channel's parent company, Paramount Global, has announced its plans to layoff 25 per cent of its work force due to financial pressures.
In a memo to staff, Showtime/MTV Entertainment Studios and Paramount Media Networks president Chris McCarthy said: “This combination has resulted in an incredible track record of hits… 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 organisation for the current and future needs of our business. As a result, we have made the very hard but necessary decision to reduce our domestic team by approximately 25 per cent. This is a tough yet important strategic realignment of our group.
"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."
MTV News was a hit with younger audiences after Rolling Stone editor-turned-TV host Kurt Loder joined the network in 1987 and launched The Week in Rock programme. The network became a cultural phenomenon as the 1992 presidential candidates lined up for interviews on MTV in a bid to attract younger voters.
George HW Bush, Bill Clinton and Ross Perot appeared in MTV News interviews to boost their presidential bid, resulting in the infamous moment an audience member asked Clinton: “Boxers or briefs?”
This news comes after multiple MTV News staffers were laid off in 2017 as the company pivoted to focus on video and short-form content.
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