Update: MTV To Cut Some 250 Jobs

Update: MTV Networks will announce layoff details Monday, according to a Viacom insider. The source disputed the number in the NY Post report detailed below. “The number is closer to 250,” the source told me. MTV’s plans are expected to be announced by Monday afternoon.
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MTV Networks might cut up to 500 jobs by next week as dictated from parent Viacom, the NY Post reported on Sunday. The layoff order is from Viacom’s trio of managers, Chairman Sumner Redstone, CEO Philippe Dauman and CFO Thomas Dooley. The Post cited several unnamed sources as saying the three have lost patience with the lagging performance of its most visible unit. The job cuts would be part of a $250 million cost-cutting move. Viacom heads 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. The focus appears to be on the programming, marketing and finance groups as well as business development. In particular, MTV SVPs and EVPs are also being targeted. Viacom is also expected to close some international units as part of the initiative, according to this report.
The Post

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