Viacom Cuts 890 Jobs

Viacom, owner of Paramount Pictures and MTV Networks, saw Q4 profit fall 69% on costs to cut jobs.

Net income dropped to $173 million, from $560 million  a year earlier, New York-based Viacom said.

Viacom eliminated 890 jobs, or about 7% of the workforce. Severance costs amounted to $80 million.

Viacom, short for “Video & Audio Communications,” is a US media conglomerate with various worldwide interests in cable & satellite television networks and movie production & distribution. Sumner Redstone is the chairman and, through National Amusements, the majority shareholder.