Source: http://ift.tt/eKERsB - Monday, April 06, 2015
New York (AFP) - Media-entertainment giant Viacom said Monday it plans unspecified "workforce reductions" as part of a wide-ranging reorganization to help boost its financial performance in the face of increasing competition. Viacom, which owns Paramount studios in Hollywood and a range of television channels including MTV and Comedy Central, said in a statement it was unveiling a "strategic realignment, including initiatives designed to promote greater cross-brand collaboration, focus on new growth areas, and improve operational efficiency and financial performance." "This strategic realignment, which is largely completed, will allow us to sharpen our focus on driving long-term growth in a rapidly changing industry," chief executive Philippe Dauman said in a statement. "We will transition rapidly into the future, generate substantial cost savings and continue to increase our investment in original programming to bring our audiences great content in new and groundbreaking ways." Viacom will set aside $785 million for the reorganization to cover the costs of job cuts and writing down the value of "underperforming" assets. The company declined to elaborate on the number of cuts or provide other details. These changes will result in annualized savings of some $350 million, the statement said. The move comes with Viacom and other traditional media companies pressured by the growth of Internet-based television from companies such as N
from Top News on RSS Feeds http://ift.tt/1y9D5a5
New York (AFP) - Media-entertainment giant Viacom said Monday it plans unspecified "workforce reductions" as part of a wide-ranging reorganization to help boost its financial performance in the face of increasing competition. Viacom, which owns Paramount studios in Hollywood and a range of television channels including MTV and Comedy Central, said in a statement it was unveiling a "strategic realignment, including initiatives designed to promote greater cross-brand collaboration, focus on new growth areas, and improve operational efficiency and financial performance." "This strategic realignment, which is largely completed, will allow us to sharpen our focus on driving long-term growth in a rapidly changing industry," chief executive Philippe Dauman said in a statement. "We will transition rapidly into the future, generate substantial cost savings and continue to increase our investment in original programming to bring our audiences great content in new and groundbreaking ways." Viacom will set aside $785 million for the reorganization to cover the costs of job cuts and writing down the value of "underperforming" assets. The company declined to elaborate on the number of cuts or provide other details. These changes will result in annualized savings of some $350 million, the statement said. The move comes with Viacom and other traditional media companies pressured by the growth of Internet-based television from companies such as Nfrom Top News on RSS Feeds http://ift.tt/1y9D5a5
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