Showtime has laid off over 120 employees

Bad news today for employees of the Showtime network, as the company has laid off more than 120 people and let several top execs go in the forced exodus.

Variety is reporting that the channel is restructuring and the company’s team was merged with MTV Entertainment Studios. There are no concrete details about which departments in particular were hit the hardest over the layoffs, but it could be close to one quarter of the channel’s workforce.

The Showtime co-presidents were ousted from their positions as well. Both Gary Levine and Jana Winograde are out; Levine is reportedly moving to a more advisory position and Winograde is leaving parent company Paramount Global all together.

Current president and CEO of Showtime and Paramount Media Networks announced the shakeup and revealed a number of other executives who are leaving their positions, and they include Paramount Global Premium Group CFO and COO Michael Crotty; SVP of docs, unscripted and sports programming Vinnie Malhotra; creative director global brand and originals at Paramount International Rob Rosenberg; and Showtime’s EVP of content acquisition Kent Sevener.

McCarthy announced the leadership positions being reshuffled but didn’t say anything about the other layoffs.

“With this new structure, we will be saying goodbye to several colleagues and friends who have been vital in making SHOWTIME what is today. Please join me in thanking them for their invaluable contributions and wishing them the best in their next endeavors.”

You can read McCarthy’s full memo to the company over on Indiewire. Winograde also shared a note announcing her exit.

“As most of you know, after an amazing six years, I will be leaving Showtime. When I came to Showtime after 23 years at ABC, it was hard to imagine feeling the same sense of commitment, passion and belonging at another company. … I know that when I reflect on my years at Showtime, I’ll forever be proud of the stories we told and the ways in which we told them, and I’ll be indebted to everyone from whom I’ve learned so much. But, most of all, I’ll be thankful to have worked with the incredible people who built the game-changer that is Showtime. You are not only the best team in the business, but the best people.”