Viacom's Dauman: Restructuring Will Save Media Conglomerate $250 Million
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Viacom’s ongoing realignment at its cable networks should be completed before April 1 and will save on the order of a quarter of a billion dollars, the media conglomerate said Monday.
Speaking to investors at the Deutsche Bank Media, Internet & Telecom Conference, Viacom President-CEO Philippe Dauman said he was “very pleased” with the way the re-org was progressing, adding that the “it will be largely done by the end of the month.” Mr. Dauman said the restructuring of the MTV Networks brands would result in a savings “in excess of $250 million, annualized.”
Over the last 30 days, Viacom has consolidated its music and entertainment networks — a collective that includes MTV, VH1, Comedy Central and Spike — under Doug Herzog and announced the departure of longtime MTV boss Van Toffler.
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