Viacom on Thursday said it was reducing its workforce by 7%, or 850 jobs, as part of a restructuring designed to reduce costs to fit economic conditions, TelevisionWeek reports. The restructuring will result in a charge of $400 million to $450 million against fourth-quarter earnings, the company says.”We are moving rapidly to adapt to the challenges presented by the current economic environment,” Viacom CEO Philippe Dauman said in a statement. “The changes we are making in our organization and processes will better position Viacom to navigate the economic slowdown and generate sizable efficiencies that will help us to drive our business as the marketplace stabilizes and conditions improve.”
—Jon Lafayette