MTV’s four-decade run on cable TV in the US won’t end anytime soon – but it’s at risk of becoming an eventual casualty as the iconic network’s corporate owners search for ways to slash costs, On The Money has learned.
The music video channel that launched in 1981 and morphed into a reality-TV destination is – like its sister networks Comedy Central and Nickelodeon under media giant Paramount Skydance – getting slammed by cord cutting.
For now, CEO David Ellison and his No. 2, Jeff Shell have no plans to shutter MTV’s US operations largely because it’s an iconic brand with enough viewership to keep it running, sources tell On The Money.
But the higher-ups at Paramount Skydance are weighing their options for MTV, insiders said. One future possibility: Turning what remains of the franchise into a pure-play streaming property, according to sources briefed on the discussions.
These people say everything is on the table, including a possible drastic downsizing that completely scraps the US cable channel in response to cord cutting and to help finance future expansion plans including Ellison’s planned bid for Warner Bros. Discovery.
“For now the thought of them killing the US channel is just noise,’ said one person close to the matter. “But you never know what could happen in the future given the business environment.”
As the Post’s Taylor Herzlich reported this week, MTV “is closing five stations in the UK, including MTV Music, MTV 80s, MTV 90s, Club MTV and MTV Live,” with all five channels slated to go dark after Dec. 31.
Paramount Skydance is also expected to close MTV music channels in Australia, Poland, France and Brazil, Herlich reported.
A spokeswoman for Paramount Skydance had no comment.
Paramount Skydance’s management headed by Ellison and Shell, the former head of NBCU, are seeking as much as $500 million in cuts – and MTV won’t be alone. Other properties facing streamlining include CBS’s news and sports networks.
Layoffs also are in the cards as Ellison and Shell digest not only their $8 billion Paramount acquisition but also a potential WBD takeover which could cost as much as $60 billion.