Media company&nbsp;Paramount&nbsp;Global, looking to reduce costs as it <a href="https://nypost.com/2023/02/14/showtime-axes-more-than-100-jobs-amid-paramount-restructuring/">merges its Showtime and MTV networks</a>, is letting go about 25% of the staff in its domestic cable networks, <a href="https://www.bloomberg.com/news/articles/2023-05-09/paramount-cuts-25-of-staff-in-its-domestic-cable-networks" target="_blank" rel="noreferrer noopener">Bloomberg News reported</a> on Tuesday.

Employees are being notified Tuesday, according to the&nbsp;report.

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

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</a><figcaption>Paramount is combining nine separate teams into one, Bloomberg News reported.</figcaption><figcaption><span class="credit">Christopher Sadowski</span></figcaption>

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

Paramount is combining nine separate teams into one and among the units being shut down is MTV News, Bloomberg News reported.{ai:summary}<p>Media giant Paramount Global has announced plans to cut 25% of its domestic cable network staff in a bid to reduce costs following the merging of its Showtime and MTV networks. Bloomberg News reported the decision, stating that employees are being informed of the layoffs on 15 June 2021. As part of the merger processes, Paramount will merge nine teams into one, and the MTV News unit will be shut down.</p><p>Paramount Global, formerly known as ViacomCBS, did not respond to Reuters' queries for comment on the job cuts. The news follows evolving competition in the streaming landscape, with creating alliances and cutting costs being common themes among streaming industry players.</p>

Paramount Global slashing 25% of staff, shutting down MTV News: report

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