Over 120 people have been laid off by Showtime

Over 120 people have been laid off by Showtime ...

Employees of the Showtime network are in for bad news today, as the company has laid off more than 120 people and let several of its senior executives leave in a forced exodus.

Variety reports that the channel is restructuring and that the company's division was merged with MTV Entertainment Studios. There are no specifics on which departments in particular were affected by the layoffs, but it could be around one quarter of the channel's workforce.

Both Gary Levine and Jana Winograde have been removed from their positions at Showtime. Both Levine and Winograde are reportedly leaving the parent company Paramount Global.

Showtime and Paramount Media Networks' current president and CEO announced the move and revealed a number of other top executives who are stepping down. These include Paramount Global Premium Group's CFO and COO Michael Crotty, JR, and Creative Director Global Brand and Originals at Paramount International Rob Rosenberg, and Showtime's EVP of content acquisition Kent Sevener.

McCarthy announced that the leadership positions would be reshuffled, but did nothing about the other layoffs.

McCarthy's entire letter to the company can be seen on Indiewire. Winograde also left a note announcing her departure.