Viacom announces job cuts, restructuring

NEW YORK - Huge American media company Viacom has announced that it will also cut jobs, about 850, and restructure its organization. Approximately 7% of its workforce will be lost across all divisions as the company restructures “to better align its organization and overall cost structure with evolving economic conditions”, the press release said. It will also suspend senior level management salary increases for 2009, and write down some programming and other assets. Viacom owns the likes of MTV Networks, BET and Paramount Pictures."We are moving rapidly to adapt to the challenges presented by the current economic environment. The changes...