Thursday, December 04, 2008

Bad Economy Hits Viacom

Viacom To Lay Off 850 (VIA)
Viacom (VIA) will cut its workforce by 7% or about 850 jobs as part of "restructuring plans designed to better align its organization and overall cost structure with evolving economic conditions,"
Redstone To Sell Some Of His 1,500 Movie Theaters (VIA)
media mogul Sumner Redstone will not sell all the movie theaters his daughter Shari controls in order to ease his family's $1.6 billion debt problems, but he's going to move some in order avoid selling more of his controlling stakes in Viacom and CBS

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