Major shake-up at media giant Viacom
Viacom has announced a restructuring, including cutting jobs, abandoning some acquired titles and reorganising three of its domestic network groups into two new organizations.
Viacom owns movie studio Paramount Pictures - which is releasing latest instalments of blockbusters 'Mission: Impossible' and 'The Terminator' - and cable networks such as MTV and Comedy Central.
Viacom said it will take a related pre-tax charge of about $785m in the quarter ended March 31. It also halted its $20bn share buyback programme due to the restructuring and the spending on acquisitions anticipated in the fiscal year. The new structure aims to streamline sales, marketing creative and support areas.