Viacom was one of the largest and fast growing companies world wide, not anymore.
Viacom is the company that owns MTV, VH1, CMT just to list a few.
But today is no reason to celebrate.
Viacom is cutting 7% of its work force. Resulting in 850 people loosing their jobs today.
Not to mention freezing all salaries for one year.
Viacom is the latest media company to get battered by the economic crisis and fall victim to steep declines in advertising and consumer spending. NBC Universal also said today that it was cutting about 500 jobs, or 3% of its global workforce, including 70 from Universal Pictures and its specialty film division, Focus Features. This is part of NBC Universal’s previously announced plan to cut $500 million of its $16.7-billion annual budget.
-LA Times
Drastic times call for drastic measures.
Unfortunately Viacom is not the only company making cuts today.
It is reported that AT&T is laying off 4% of their staff which is around 12,000 jobs.
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