MTV to cut 250 U.S. jobs, invest in digital
NEW YORK (Reuters) - Viacom Inc.'s MTV Networks, operator of music and entertainment cable television channels, said it will cut about 250 U.S. jobs to reduce costs and invest more heavily in digital businesses and new networks.
The company also said it is seeking new business models for its international television and online businesses.
The job cuts are part of Viacom Chief Executive Philippe Dauman's restructuring strategy that included the departure of MTV Networks President Michael Wolf in January.
"In the U.S., we will build resources against some new businesses -- our interactive properties and some of our new networks - and we will make reductions in others," MTV Networks Chairman and Chief Executive Officer Judy McGrath told employees in a memo on Monday.
The cuts will be across the board and through several of its brands as the company aims to share resources across different properties, the company said.
Viacom's cost cuts reflect a media industry-wide contraction as new generations of viewers turn to the Internet, cell phones and video games for entertainment.
These companies, including Time Warner Inc. and General Electric's NBC Universal have cut hundreds of jobs since last year.
