ViacomCBS will cut 400 jobs amid the coronavirus outbreak
ViacomCBS Inc. (VIACA.O) announced on Thursday that it would slash 400 employees across CBS as the broadcasting giant plans to save $750 Million from its merger with CBS last year. The mass media company continues to search for cost savings as it struggles to shore up losses from the coronavirus pandemic.
According to the Pew Research Center, other digital and local media companies including Atlantic Media, Vice Media, Gannett Co Inc. (GCI.N), and Tribune Publishing Co. (TPCO.O) have slashed their workforces since the start of the COVID-19 outbreak. The declining media industry continues to drop in advertising revenues.
ViacomCBS has undergone several rounds of layoffs since the merger closed in December 2019.
“We are restructuring various operations at CBS as part our ongoing integration with Viacom, and to adapt to changes in our business, including those related to COVID-19,” a CBS spokesman stated in an interview.