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Viacom cuts 7% of work force


December 04, 2008 The ax continues to swing in the entertainment industry amid a recession, with Viacom unveiling 850 layoffs Thursday morning across its operations. The company also said it will suspend senior level management salary increases for 2009 and take writedowns on programming and other assets, whose value has declined. Viacom said the restructuring is designed "to better align its organization and overall cost structure with evolving economic conditions."

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