Viacom to cut jobs, abandon titles, reorganize network groups

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. Viacom said the new structure would realign sales, marketing, creative and support functions and increase efficiencies in program and product development. Viacom said on Monday it "reallocating resources to expand its capabilities in critical business areas" such as data analysis, technology development and consumer insights.

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