MTV Movie & TV Awards, CMTs and more just got shelved. Why Paramount is hitting pause on marquee shows.

For the second year in a row, the MTV Movie & TV Awards show are on ice.

The decision follows last year’s cancellation, which came after the 2023 edition pivoted to a pre-taped format when Drew Barrymore withdrew as host in solidarity with the Writers Guild of America (WGA) strike.

The latest pause comes as Paramount Global — which owns CBS, Paramount Pictures and cable networks such as Comedy Central, Nickelodeon and MTV — undergoes significant restructuring ahead of its anticipated merger with David Ellison’s Skydance Media, a deal expected to close in the first half of this year, according to the Hollywood Reporter.

As part of that shake-up, several marquee awards shows, including the MTV Europe Music Awards (EMAs) and the CMT Music Awards, have been shelved while the company reinvents its tentpole event strategy.

A Nickelodeon spokesperson confirmed to Yahoo Entertainment that the annual Kids’ Choice Awards in the U.S. will move forward as planned, with an official date expected to be announced “in the next month or so.”

While the Paramount-Skydance merger has been widely cited as a driving force behind these decisions, a big question remains: What does the future hold for these awards, and are they at risk of disappearing altogether?

Which awards shows are affected?

In a companywide memo sent last month, Paramount president Bruce Gillmer framed the decision to cancel several awards shows as part of a broader effort to “reimagine and optimize our events slate going forward,” according to the Hollywood Reporter.

Among the shows under review are:

Paramount’s highest-profile events — the Video Music Awards (VMAs) and the U.S. edition of the Kids’ Choice Awards — remain unaffected, according to the outlet.

Corporate merger or deeper problems?

Gillmer’s memo came amid Paramount’s aggressive cost-cutting measures, which have reshaped the company over the past year.

In August 2024, Paramount announced plans to slash its U.S. workforce by 15% in a bid to save $500 million. That same month, Variety reported that the company posted a massive operating loss, writing down $5.98 billion on the value of its cable TV networks.

The first round of layoffs soon followed, leading to the closure of Paramount TV Studios and the departure of several high-profile executives. A second wave in the fall hit major divisions like CBS News, with additional restructuring expected as the merger progresses.

Yahoo Entertainment contacted representatives at Paramount but have had no response.

Ratings for MTV and CMT Awards

The MTV Movie & TV Awards, which launched in 1992 as a celebration of blockbuster films before expanding to include television in 2017, is currently on indefinite pause.

The last live event, in 2023, saw a slight ratings increase, drawing 2 million viewers across various platforms, up from 1.6 million in 2022, according to the Wrap. The 2021 broadcast, hosted by Leslie Jones, brought in 1.3 million viewers. In 2020, the event was canceled due to the pandemic and replaced with a Greatest of All Time special hosted by Vanessa Hudgens.

As of now, there are no plans to bring the show back or to formally retire it, according to multiple outlets.

Similarly, the CMT Music Awards have also been placed on hold as Paramount reassesses its awards show strategy.

However, unlike MTV’s show, the CMTs have remained a strong ratings performer. The 2024 broadcast drew 5.38 million viewers on CBS, following 5.43 million in 2023 and 5.16 million in 2022, according to Variety.

What this means for future shows

Paramount isn’t scrapping all of its awards franchises, including the VMAs, which drew more than 4 million viewers last year.

However, as the company navigates its merger with Skydance and seeks to cut costs, it’s unclear whether the awards shows will return in their previous form. Whether that’s due to financial necessity or simply a case of reimagining its approach remains to be seen.