Arab Today, arab today viacom to cut jobs in major reorganization
Last Updated : GMT 14:03:39
Arab Today, arab today
Arab Today, arab today

Viacom to cut jobs in major reorganization

Arab Today, arab today

Arab Today, arab today Viacom to cut jobs in major reorganization

Viacom
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 Netflix and Amazon, which could lead to declining viewership for its cable channels.
Viacom is reorganizing three of its domestic network groups into two new organizations, in a shift to realign sales, marketing, creative and support functions.
The company is also reallocating resources "to expand its capabilities in critical business areas including data analysis, technology development and consumer insights, reflecting the rapidly changing media marketplace, shifting consumer behavior and evolving measurement practices."
The new investment in technology could help Viacom compete with firms like Netflix, which gather vast amounts of data on viewing habits to help deliver programs most sought by consumers.
Viacom will also "temporarily pause" its share buyback program, which has purchased some $15 billion of its target $20 billion.
The company expects share buybacks will resume no later than October, the start of its new fiscal year.
"We remain steadfastly committed to returning capital to shareholders through stock buybacks as well as our ongoing dividend program," Dauman said.
"This temporary pause reflects our history of sound financial management and our commitment to operating within Viacom's target leverage ratio."
The statement noted that Viacom has been in discussions of "strategic acquisitions" which could cost around $400 million.
Viacom's media unit includes channels such as Nickelodeon, BET and Spike. Its Paramount Pictures brand produces its own films and distributes for other programmers including DreamWorks Animation.

 

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today viacom to cut jobs in major reorganization Arab Today, arab today viacom to cut jobs in major reorganization

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today As Olympics loom, China plunges into snow biz

GMT 10:08 2017 Tuesday ,28 February

As Olympics loom, China plunges into snow biz
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday