U.S. media company Viacom said it will undertake a restructuring, including cutting jobs, abandoning some acquired titles and reorganizing three of its domestic network groups into two new organizations, to drive growth.
The owner of movie studio Paramount Pictures and cable networks such as MTV and Comedy Central said it will take a related pre-tax charge of about $785 million in the quarter ended March 31.
Viacom also halted its $20 billion share buyback program due to the restructuring and the spending on acquisitions anticipated in the current fiscal year.
The company’s shares fell 1.6% after the bell on Monday.
Viacom said the new structure would realign sales, marketing, creative and support functions and increase efficiencies in program and product development.
The company in January reported lower-than-expected first-quarter revenue due to weak advertising spending in the United States.
Analysts on average were expecting the company to post a profit of…
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