this week, I have learned. The company would not comment but I hear the staff reductions were across the combined organization, both on the CBS and the Viacom side.
This is the second round of layoffs at ViacomCBS; the first payroll cut was implemented shortly after the Viacom-CBS merger was completed in early December. More pink slips are expected in the coming weeks for an estimated combined headcount reduction of about 100 over the February-March period.. It saw the combined company swing to 4Q loss, which was attributed to merger-related expenses and various operating items.
On the Feb. 20 earnings call, ViacomCBS CEO Bob Bakish said that the company sees cost savings at $750 million, up from $500 million ViacomCBS originally anticipated at the time of the merger. To cut expenses, ViacomCBS also is looking to sell CBS’ famous Black Rock headquarters building in New York.
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