Wall Street Futures Rise Ahead of JOLTS Data, Nike Earnings, and U.S.-Iran Talks 
Gold Price Hits Annual Low as Fed Rate Hike Bets and Sticky Inflation Weigh on Bullion 
Nvidia Stock Rises as SemiAnalysis Sees AI Data Center Revenue Beating Wall Street Forecasts 
Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
Canada Grants C$7 Million to Greenland Molybdenum Mine to Strengthen Critical Minerals Supply 
U.S. Stocks End Q2 Higher as Strong Jobs Data and AI Rally Lift Wall Street 
Yen Falls to 40-Year Low as Markets Watch Japan Intervention and U.S. Jobs Report 
SK Holdings, KKR Launch $1.3B Renewable Energy Venture in South Korea 
Oil Prices Rise as U.S.-Iran Talks Keep Geopolitical Risks in Focus 
South Korea Alleges Google Abused Android App Store Dominance, Eyes Major Fine 
Greece’s Bad Loan Crisis Continues to Limit Credit Access Despite Economic Recovery 
China Manufacturing PMI Edges Higher in June as Exports and AI Investment Boost Growth 
Global Financial Firms Shift Asia Expansion Focus to South Korea as China, India Face Caution 
Gold Prices Drop as Fed Rate Outlook and Iran Tensions Weigh on Market 
US Egg Producers Settle Price Manipulation Probe, Agree to Pay $3.3 Million and Donate 53 Million Eggs 
Microsoft Reportedly Plans New Job Cuts Across Sales, Consulting, and Xbox 
Trump Urges Gasoline Retailers to Cut Prices to $2.50 Per Gallon, Warns of Legal Action 
MTV News has been on air for more than three decades, and now it is being forced to shut down. Paramount Media Networks shut down the news production division of MTV amid the ongoing job cuts at its parent company, Paramount Global.
The American mass media unit of Paramount Global announced this week that it has decided to end the run of MTV News after 36 years on broadcast. The company is also laying off 25% of its workforce, which is apparently one reason why the news channel is being taken down.
This would be the end of MTV News as the decision is final and permanent. The head of Paramount Media Networks, Showtime, and MTV, Chris McCarthy, said through a memo that the company is feeling the pressure of economic slowdown thus, despite their success in streaming, they had to reduce the workforce which will also result in the ending of some shows.
“We feel pressure from broader economic headwinds like many of our peers. As a result, we have made the very hard but necessary decision to reduce our domestic team by approximately 25%,” McCarthy explained in the memo. “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.”
CNN Business reported that affected staff are being notified about the layoff, in person, this week. The discontinuation of MTV News comes less than a month after another major news outlet, BuzzFeed, said it would terminate its news unit.
Moreover, Vice Media also pulled down its “Vice News Tonight” due to restructuring. It was noted that prior to its shutdown, MTV was already struggling and has been scaled down in recent years.
McCarthy further said that the decision to phase out MTV News is also part of the company’s strategic realignment to reduce costs and boost other more profitable divisions. He said this move will allow the company to be more effective as it continues with its business.
Meanwhile, it was mentioned on Fox News that MTV News was first launched in 1987. It has been followed by the older millennials Gen X who prefer alternative news networks that focus on a mix of various fields such as music, politics, culture, and current news.
Photo by: Mtvpersian/Wikimedia Commons (CC BY-SA 4.0)
