Viacom cuts 850 jobs
FROM VARIETY: Company also suspends raises for senior staff
By Dade Hayes of Variety -- Video Business, 12/4/2008
DEC. 4 | FROM VARIETY: Viacom said Thursday it is cutting 850 jobs companywide, or 7% of the media conglom's global workforce.The company is also taking write-downs on some programs and assets, and and suspending senior management raises for 2009. All of the moves will result in a pre-tax charge of $400 million to $450 million in the fourth quarter but also savings in 2009 of $200 million to $250 million.
Chief exec Philippe Dauman said the actions will help better position Viacom for the slowdown and also allow it to profit during the inevitable rebound.
Read the full story on Variety.com.