Though not confirmed, sources close to Viacom are saying the media conglomerate is preparing for layoffs, Portfolio.com reports. Signs that layoffs are inevitable include the decline of the company’s stock price by about 50% from where it was a year ago, and underperformance by major company divisions, including MTV. Just last week Chairman Sumner Redstone unloaded $233 million worth of stock in Viacom and sister company CBS, Portfolio says.
—Christopher Perez