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Viacom makes cuts

Viacom announced today staff cuts as part of cost-saving initiatives spurred by the economic downturn. Seven percent, or 850 positions, will be cut across all divisions of the company and will also suspend senior level management wage increases in 2009. These actions are expected to bring in pre-tax savings of $200 million to $250 million next year.
December 4, 2008

Viacom announced today staff cuts as part of cost-saving initiatives spurred by the economic downturn. Seven percent, or 850 positions, will be cut across all divisions of the company. Viacom will also suspend senior level management wage increases in 2009. These actions are expected to bring in pre-tax savings of $200 million to $250 million next year.

Viacom president and CEO Philippe Dauman said, ‘The steps we have taken over the last two years, including those we are announcing today, have put us on very sound financial footing with a strong balance sheet and substantial cash flow. This affords us the flexibility to successfully deal with challenges while also capitalizing on the opportunities that inevitably arise in uncertain times. We are committed to continuing this prudent course and aggressively managing our businesses for long-term growth.’

About The Author
Andrew Tracy joined Realscreen as associate editor in 2021, following 17 years as managing editor of the award-winning international film magazine Cinema Scope. From 2010 to 2020 he also held the position of senior editor at the Toronto International Film Festival, where he oversaw the flagship publication for the organization’s year-round Cinematheque programming and edited its first original monograph in a decade, Steve Gravestock’s A History of Icelandic Film. He was a scriptwriter and consultant on the first season of the Vice TV series The Vice Guide to Film, and his writing and reporting have been featured in such outlets as Cinema Scope, Reverse Shot, Sight & Sound, Cineaste, Film Comment, MUBI Notebook, POV, and Montage.

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