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Share Name | Share Symbol | Market | Type |
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Allianzgi International & Premium Strategy Fund | NYSE:NAI | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 10.8701 | 0.00 | 01:00:00 |
By Josh Beckerman
Viacom Inc. announced Monday that it plans to take a $785 million pretax charge as part of a strategic realignment that includes layoffs and writing down the value of underperforming programming.
The media giant said the realignment includes reorganizing three of its domestic network groups into two new organizations.
The company said the second-quarter charge reflects write-downs of underperforming programming, including the "abandonment of select acquired titles," and costs related to workforce reductions. The charge also includes accelerated amortization of programming expenses related to a change in revenue projections "for certain original programming genres that have been impacted by changing media consumption habits."
Viacom has faced concerns on Wall Street that pay-TV providers will decide they can do without its bundle of channels, including Comedy Central, Nickelodeon, MTV, TV Land and Spike.
The initiatives are expected to provide ongoing annual savings of about $350 million, Viacom said, including $175 million in the current fiscal year.
Write to Josh Beckerman at josh.beckerman@wsj.com
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