Paramount ends funding to Save the Music, forcing foundation to go indie

Save the Music, the nonprofit foundation that grew in popularity on cable TV through in the late 1990s through the 2000s, is going indie.

Save the Music, the nonprofit foundation that grew in popularity on cable TV in the late 1990s through the 2000s, is going indie. Paramount Global is ending its financial support for the nearly 30-year-old program that promotes music education in public schools, the foundation announced Wednesday. As a result, Save the Music is starting a $10 million endowment fund to sustain its mission as a fully independent nonprofit. The change marks the end of an era for the organization, which was created in 1997 by a former VH1 executive and became a mainstay on the cable network’s programming slate. It spanned highly rated benefit concerts like “VH1 Divas Live” to TV ads fronted by A-list singers, including Celine Dion and Mariah Carey. Paramount’s decision to nix funding comes during a financially perilous time for the storied media conglomerate. Last year, the company laid off 15% of its US staff and wrote down $6 billion in value of its cable television networks as part of its efforts to eliminate $500 million in annual costs. It’s also in the midst of an $8.4 billion merger with Skydance Media. Given all of that, Paramount’s decision to end its relationship with the foundation was for “obvious reasons,” Save the Music’s Executive Director Harry Donahue told CNN. The media company has made a final six-figure donation to its endowment, he said. “Save the Music was founded nearly 30 years ago and since then, it has helped millions of students at more than 2,800 schools excel both academically and creatively through the enriching power of music,” a Paramount spokesperson said in a statement. “We’re honored to have been a part of this critical mission from the beginning, and we’re excited to see Save the Music continue to thrive in this next chapter.”