Viacom is planning a significant round of layoffs this week, Cheddar has learned.
The exact number of cuts is unclear, but the layoffs will affect dozens of employees, according to people familiar with the matter. The media conglomerate behind Paramount Pictures, Comedy Central, MTV, and Nickelodeon will make cuts mostly in its sales and marketing divisions, one person said.
A Viacom spokesperson declined to comment when reached by Cheddar on Monday. Viacom CEO Bob Bakish said the company was eyeing ways to cut costs during its last earnings call in November.
In a memo shared with Viacom employees on Tuesday, Bakish confirmed the layoffs and said that while they "didn't impact a large percentage of our workforce, I know they were difficult nonetheless."
He added that the cuts were intended to "create a more agile and efficient organization that can thrive in a time of constant change," according to a copy of the memo seen by Cheddar.
"I want us to be an organization that is energized by reinventing this business, and has the capability and capacity to constantly transform," said Bakish. "Let’s continually push ourselves to discover what’s new, and what’s next. Let’s get out of our silos and learn from each other, and create the new faster. Let’s embrace change and possibility."
Viacom last cut about 20 employees as part of a [reorganizing effort](https://www.hollywoodreporter.com/live-feed/layoffs-hit-viacom-as-tv-land-paramount-network-merge-key-operations-1037898) in September 2017. The company has [reportedly been in recent talks](https://www.cnbc.com/2018/01/12/viacom-shares-jump-9-percent-percent-on-wrap-report-that-its-looking-to-merge-with-cbs.html) with CBS about a potential re-merger after splitting a decade ago. A recent report [from Variety](http://variety.com/2018/digital/news/viacom-acquiring-vidcon-exclusive-1202687868/) said that Viacom is close to acquiring VidCon, a popular media and entertainment conference business in California.
Viacom is set to report its earnings for the quarter ending December 31, 2017 on Thursday, February 8.
*Updated on February 6 with quotes from internal Viacom memo confirming the layoffs.*
*Reporting by Alex Heath.*
YouTube will offer creators a way to rejoin the streaming platform if they were banned for violating COVID-19 and election misinformation policies that are no longer in effect.
Lukas Alpert of MarketWatch explores how networks, brands, and ad buyers absorb the shockwaves when late‑night show hosts are suddenly cut — and brought back.
A new poll finds U.S. adults are more likely than they were a year ago to think immigrants in the country legally benefit the economy. That comes as President Donald Trump's administration imposes new restrictions targeting legal pathways into the country. The Associated Press-NORC Center for Public Affairs Research survey finds Americans are more likely than they were in March 2024 to say it’s a “major benefit” that people who come to the U.S. legally contribute to the economy and help American companies get the expertise of skilled workers. At the same time, perceptions of illegal immigration haven’t shifted meaningfully. Americans still see fewer benefits from people who come to the U.S. illegally.
Shares of Tylenol maker Kenvue are bouncing back sharply before the opening bell a day after President Donald Trump promoted unproven and in some cases discredited ties between Tylenol, vaccines and autism. Trump told pregnant women not to use the painkiller around a dozen times during the White House news conference Monday. The drugmaker tumbled 7.5%. Shares have regained most of those losses early Tuesday in premarket trading.
Scott Trench, host of the BiggerPockets Money Podcast, explores how recent rate cuts, high borrowing costs, and mortgage rates are reshaping U.S. real estate.
A look into how disruption, AI, and global economic trends are transforming the modern supply chain with Jeremy Jansen, Head of Supply Chain at Wells Fargo.
