Viacom to cut 850 positions in the company

Viacom to cut 850 positions in the company

US based media company Viacom has announced that they are going to cut its workforce by about 7 percent.

This showcases how the advertising is depleting for these media companies resulting in cash crunch.

The media giant added that they are also planning to suspend salary increases for senior level management in 2009.

in addition the company would write down the value of certain programming and other assets.

The news of these job cuts hit the company stock which went down by 11 cents on the New York Stock Exchange.

Viacom Chief Executive Philippe Dauman said in a statement: “We are moving rapidly to adapt to the challenges presented by the current economic environment.”