Viacom revealed today that it will take a whopping write-down in its fiscal second quarter in connection with a company-wide restructuring. The company announced that it will take a charge of $785 million.
The company, which owns cable properties including MTV, Nickelodeon and Comedy Central, has been streamlining operations as it reconfigures with a greater focus on digital media. The realignment has included eliminating a number of senior posts and trimming low-rated programming.
Viacom has been tweaking the organization of its cable nets, whittling three operating units down to two. Comedy Central is now grouped with MTV, Comedy Central, Logo and VH1, with the other group including Nickelodeon, TV Land and CMT.
In a statement, Philippe Dauman, Viacom CEO, said: “This strategic realignment, which is largely completed, will allow us to sharpen our focus on driving long-term growth in a rapidly changing industry. 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.”