Viacom has laid off about 100 employees as the company looks to reduce costs and transform its business operations. The job losses impact those who work in support services like information technology, finance and human resources, but not those directly involved in content creation.
“As part of our broader transformation efforts, we are continuously taking steps to strengthen and evolve Viacom for the future,” a spokesperson told Deadline. “Including a focus on becoming a more agile and efficient organization.”
Viacom CEO Bob Bakish talked this morning about the challenges of reinvesting in content while removing costs from the media companys operations. He said the company is on track to deliver in excess of $100 million in savings this year and more than $300 million in run rate savings in 2019 and beyond.
“The way were getting that is through a disciplined approach,” Bakish said during the MoffettNathanson Media & Communications Summit. “We have a chief transformation officer leading this initiative.”
Bakish added that the savings would not be achieved solely through operational efficiencies. “Yes, there are some personnel-related attributes to it,” he said.