Viacom employees have been hit with a round of layoffs, Adweek has learned. Pink slips were handed down Thursday afternoon. A Viacom spokesperson confirmed the cuts, and said that the downsizing primarily took place within the media conglomerate’s music group, which includes MTV, VH1, CMT, and Logo.
A number of departments within the music group were affected, including digital, consumer marketing, and on-air promotions. Outside of the music group, cuts were made in affiliate marketing, an area that supports BET Networks and Viacom Media Networks, which counts Comedy Central and Nickelodeon among its holdings.
The downsizing took place the same day Viacom CEO Philippe Dauman told financial analysts at a Goldman Sachs conference that Viacom's advertising revenue growth this quarter is expected to miss the company's double-digit targets. Following that announcement, Viacom stock dropped about 8 percent.
In a statement provided to Adweek, a Viacom spokesperson said, “Our individual brands and business units regularly adjust resources to address their evolving strategies and needs, and they will continue to do so.”