ViacomCBS CEO, Bob Bakish, gave updates on staff layoffs and cost-cutting measures
Bob Bakish, President and CEO, Viacom Inc., participates in a panel discussion during the annual Milken Institute Global Conference at The Beverly Hilton Hotel on April 29, 2019 in Beverly Hills, Calif.sent a note to employees on Wednesday as an update on the company's progress.
On Feb. 20, the newly merged conglomerate raised its planned cost-savings guidance from $500 million to $750 million over three years as it consolidate teams from Viacom and CBS media assets. The company cited"cancellation or rescheduling of sports events for which the company had broadcast rights, and production delays in television and filmed entertainment" and said it wasn't able to estimate the impact on future operating results.I know these past weeks have been challenging, and have forced us to deal with major disruptions in our personal and professional lives.
Throughout this transformation, we want to be as supportive of our employees as possible, particularly given the circumstances we’re in. Some of us are saying goodbye to incredible team members and friends – people who have made lasting contributions to the success of our company and have enriched our culture. I want to assure you that we are focused on making their transitions easier at this time, while supporting the needs of all our employees and their families.
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