MTV continues its plummet from being one of the most edgy, compelling networks for young viewers, to a disgruntled, seemingly out of synch unit that has no idea what it stands for anymore. The result is that an unidentified source said that another 250 jobs will be cut from the network, although less than the 500 reported by the New York Post earlier.
The layoff order comes directly from the top three Viacom (VIA-B) managers - Chairman Sumner Redstone, CEO Philippe Dauman and CFO Thomas Dooley. The official announcement is expected to be made on Monday afternoon sometime.
Specific targeted areas within the company most affected looks like "The focus appears to be on the programming, marketing and finance groups as well as business development. In particular, MTV SVPs and EVPs are also being targeted. Viacom is also expected to close some international units as part of the initiative."
Additionally, sources have said that since Redstone had former CEO Tom Freston step down last summer, the morale has fallen extremely low within the company. Also said was that there will be no "sacred cows" this time around with the cuts, which are said to amount to $250 million.
A number of high-level executives could be part of the cuts this time around, which according to some would solve a lot of problems as they say that management is far too top heavy with executives that have been around far too long; part of the reason for the loss of their market leadership.
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