ViacomCBS is looking to conduct layoffs in two sessions. The first round of layoffs might be happening as early as February 26 with an estimated 100 people who will be affected. If true, the date would mark just under a week since they reveal their quarterly earnings. Its second wave of layoffs are set to happen March 31.
This news comes not even a full three months after Viacom fully acquired CBS Corp. Areas overlapping TV are likely to be affected. These included marketing, customer products, and distribution as well as Viacom and CBS’ legacy TV branches. A large section of CBS employees work in the TV industry, so who knows how this will affect their security.
ViacomCBS closed the merger in early December. Supposedly, this choice will see a whopping $500 million in cost savings.
The duo forming a merger lumps together a slew of high-profile channels. Viacom operates legacy channels such as MTV, Nickelodeon, Comedy Central, TV Land, Logo, and more. Meanwhile, CBS operates The Smithsonian channel as well as the premium Showtime service.