NY Post: Layoffs Coming To MTV
February 12, 2007 at 8:13 AM (PT)
THE NEW YORK POST is reporting that VIACOM could lay off as many as 500 people from its MTV Networks division next week as part of a $250 million cost-cutting move, according to three sources close to the company.
The directive for the cuts is coming straight from VIACOM's management triumvirate -- Chairman SUMNER REDSTONE, CEO PHILIPPE DAUMAN and CFO THOMAS DOOLEY -- who sources said has run out of patience with the lagging performance of its most visible unit.
VIACOM brass have met with each of the business units within MTV over the past few weeks and asked them to identify where costs could be cut, said one of the sources, who ticked off programming, marketing, finance and business development as likely targets for cuts.
VIACOM is also expected to shutter some of its international units as part of the initiative.