Viacom (VIA) Cutting 7% of Workforce
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Viacom Inc. (NYSE: VIA) announced restructuring plans designed to better align its organization and overall cost structure with evolving economic conditions. These changes include broad-based staffing reductions, which will be implemented across all divisions of the Company.
This process will result in the reduction of Viacom's workforce by approximately 7%, or 850 positions. Viacom is also suspending senior level management salary increases for 2009. In addition, reflecting a comprehensive review of its operations, the Company will write down certain programming and other assets.
The restructuring and write-down together will result in a pre-tax charge of $400 million to $450 million, or $0.42 to $0.48 per diluted share, in the fourth quarter of 2008. These staffing and compensation actions and write-downs are expected to result in pre-tax savings of $200 million to $250 million in 2009.
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Viacom, consisting of BET Networks, MTV Networks and Paramount Pictures, is the world's leading entertainment content company.
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