ViacomCBS Chief Updates Staff on Layoffs, Cost-Cutting Measures
As ViacomCBS keeps up its plan for $750 million in post-merger cost savings, CEO Bob Bakish sent a note to employees Wednesday as an update on the company's progress. "I know that even before the coronavirus pandemic, we were already in a period of significant change to integrate our newly combined company," Bakish wrote, adding that the company plans to continue "to integrate and streamline our operations, manage our costs as diligently as we can, and follow through on our committed post-merger synergy targets." ViacomCBS' advertising sales division as well as Nickelodeon, MTV News and other units were impacted by cuts Wednesday as part of the ongoing restructuring.