Viacom to Take $785 Million Write-Down on Reorganization

April 6, 2015 8:07 PM

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Viacom to Take $785 Million Write-Down on Reorganization

After weeks of layoffs and corporate reorganization to make Viacom more efficient and to promote future growth in the face of a more competitive market, the company on Monday announced that it is taking a $785 million pre-tax charge in the second fiscal quarter of 2015.

Viacom said the changes it has made will provide annual savings of about $350 million. The savings in fiscal 2015 will be approximately $175 million.

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