MTV Restructures And Lays Off Hundreds
On Monday, October 29, 2001, MTV Networks announced a worldwide restructuring plan resulting in 450 lay-offs, approximately 9% of its full-time staff. The departments most significantly affected are the online divisions and MTV Animation. The once separate online operations will be integrated with the television businesses meaning staffers for the online division will be moved out of their current location at 770 Broadway and merged with the television operation in midtown Manhattan. This move represents the majority of the staff cuts.