Showtime merges with MTV Entertainment Studios; lays off 120 employees
What's the story
Showtime is merging with MTV Entertainment Studios under Chris McCarthy, President and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks. The restructuring has led to a layoff of around 120 employees as reported by The Hollywood Reporter. As per reports, Paramount is set to report its fourth-quarter earnings by Thursday. After the merger, there will be an expected rebranding.
Shuffle
Consolidated leader and new shuffling
Per reports, McCarthy has said that there would be consolidated leadership across both companies during the merger. Nina L Diaz will be the Chief Creative Officer and President of Content, whereas Keith Cox will head the Scripted Content division at MTV Studios. Amy Israel, Trevor Rose, and Keri Flint will continue in their executive roles. Keyes Hill-Edgar was declared the new COO.
Layoff
What did the CEO say about the layoffs?
The executives who exited include Docs Chief Vinnie Malhotra, Michael Crotty, Rob Rosenberg, Kent Sevener, Jana Winograde, Gary Levine, and others. McCarthy said, "With this new structure, we will be saying goodbye to several colleagues and friends who have been vital in making Showtime what is today including, from the executive team. Please join me in thanking them for their invaluable contributions..."