Image Credit: SOPA Images/LightRocket via Gett Could this be the end of an era? MTV fans were heartbroken to learn that some of its channels will be shutting down by the end of the year. The news came after Paramount Global, MTV's owner, merged with Skydance Media, which made headlines amid CBS' shocking cancelation of The Late Show with Stephen Colbert. CBS said the late-night show's cancelation was a "financial decision." Launched in 1981, MTV became the hottest channel to premiere music videos, with one of the most memorable releases being Michael Jackson's "Thriller.