The axe continues to swing in the entertainment industry amid a recession, with Viacom Inc. unveiling 850 layoffs Thursday morning across its operations.The company also said it will suspend senior level management salary increases for 2009 and take writedowns on programming and other assets, whose value has declined. It didn't immediately provide details on the writedowns.Viacom said the restructuring is designed "to better align its organization and overall cost structure with evolving economic conditions."The 850 jobs affected amount to 7% of the company's workforce.Viacom president and CEO Philippe Dauman said the moves come with an eye on strengthening Viacom for the longer-term.
Thursday, December 4, 2008
Viacom cuts 7% of workforce
The axe continues to swing in the entertainment industry amid a recession, with Viacom Inc. unveiling 850 layoffs Thursday morning across its operations.The company also said it will suspend senior level management salary increases for 2009 and take writedowns on programming and other assets, whose value has declined. It didn't immediately provide details on the writedowns.Viacom said the restructuring is designed "to better align its organization and overall cost structure with evolving economic conditions."The 850 jobs affected amount to 7% of the company's workforce.Viacom president and CEO Philippe Dauman said the moves come with an eye on strengthening Viacom for the longer-term.