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Viacom to lay off 850, or 7% of work force
By Steve Gelsi
Last update: 8:47 a.m. EST Dec. 4, 2008
Comments: 5
NEW YORK (MarketWatch) -- Viacom Inc. (VIA:
viacom inc new cl a
News, chart, profile, more
Last: 15.56-0.34-2.14%
12:24pm 12/05/2008
VIAB 14.26, -0.37, -2.5%) on Thursday said it would book a charge of $400 million to $450 million, or 42-48 cents a share, in its fourth quarter as it lays off about 850 employees or 7% of its work force. The New York-based media company said it's suspending senior management salary increases in 2009. The staffing and compensation actions and write-downs are expected to result in pre-tax savings of $200 million to $250 million in 2009. "We are moving rapidly to adapt to the challenges presented by the current economic environment," the company said.
By Steve Gelsi
Last update: 8:47 a.m. EST Dec. 4, 2008
Comments: 5
NEW YORK (MarketWatch) -- Viacom Inc. (VIA:
viacom inc new cl a
News, chart, profile, more
Last: 15.56-0.34-2.14%
12:24pm 12/05/2008
VIAB 14.26, -0.37, -2.5%) on Thursday said it would book a charge of $400 million to $450 million, or 42-48 cents a share, in its fourth quarter as it lays off about 850 employees or 7% of its work force. The New York-based media company said it's suspending senior management salary increases in 2009. The staffing and compensation actions and write-downs are expected to result in pre-tax savings of $200 million to $250 million in 2009. "We are moving rapidly to adapt to the challenges presented by the current economic environment," the company said.
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