After 36 years, MTV News will be no more.
The news division will be shuttered as part of layoffs at Paramount Global, which announced Tuesday it was cutting 25% of its U.S.-based staff. Paramount Global is also the parent company to CBS, Nickelodeon, Comedy Central, and Showtime.
According to a memo sent to staffTuesday by the company’s CEO, Chris McCarthy, the layoffs will allow Paramount to "reduce costs and create a more effective approach to our business as we move forward."
MTV's "The Week in Rock" is the show that kicked off the news division in 1987, with more shows added later to cover both pop culture and harder hitting political news. Most memorably, in 1994, President Bill Clinton made an appearance on the MTV News show "Enough is Enough" to address violence in America. MTV News was also known for its town halls with guests like Bill Gates.
The news comes after shares of Paramount Global took a significant hit last week, plummeting by nearly 30% following the media company's announcement of a substantial loss in the first quarter, and the company also revealed its decision to reduce its dividend,according to CNBC.
Paramount is not the only network announcing layoffs. Last month, the Walt Disney Co. said it would start cutting about 3% of its global workforce, which would slash about 7,000 jobs.
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