Thursday 21 November 2019

Major shake-up at media giant Viacom

Mission impossible rogue nation
Mission impossible rogue nation

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.

Irish Independent

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