MTV Layoffs Continue Overseas
March 2, 2007 at 8:49 AM (PT)
THE NEW YORK POST reports VIACOM's MTV NETWORKS took the second phase of its cutbacks across the pond yesterday, announcing a restructuring of its international operations that will add another 250 layoffs to the 250 U.S.-based personnel that received pink slips less than three weeks ago.
VIACOM reportedly will merge or close some international regions while expanding or relocating employees in others.
MTVN International Pres. BOB BAKISH said that the restructuring will position the division to "increase our operating margins through more efficient corporate structures, while also mobilizing our resources to build our multi-platform brand portfolios in priority markets and expand growing revenue areas such as advertising sales, digital media and consumer products."
The 500 combined layoffs domestically and abroad will cost VIACOM about $70 million, primarily in severance pay, with roughly $50 million of that to hit this year's first-quarter results, according to the company's 10-K report.