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NEW YORK The axe continues to swing in the entertainment industry amid a recession, with Viacom Inc. unveiling 850 layoffs Thursday morning across its operations.
The company also said it would suspend senior-level management salary increases for 2009 and take write-downs on programming and other assets, whose value has declined. It didn’t immediately provide details on the write-downs.
Viacom said the restructuring is designed “to better align its organization and overall cost structure with evolving economic conditions.”
The 850 jobs amount to 7 percent of the company’s workforce.
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