Viacom layoffs, on the record
Every job cut, severance charge and restructuring Viacom reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from approximately 10,750 to approximately 10,700.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2017 | approximately 10,750 | September 30, 2017 |
| 10-K for 2018 | approximately 10,400 | As of September 30, 2018 |
| 10-K for 2019 | approximately 10,700 | As of September 30, 2019 |
Job cuts, severance and restructuring
Our summaryRecognized a pre-tax restructuring and programming charge tied to the flagship brand strategy and strategic initiatives at Paramount, including severance.
Word for word“We recognized a pre-tax restructuring and programming charge of $381 million in the year ended September 30, 2017 , resulting from the execution of our flagship brand strategy and strategic initiatives at Paramount.” 10-K for 2017
Our summaryRecognized a restructuring charge in connection with the separation of certain senior executives.
Word for word“In 2016, we recognized a restructuring charge of $206 million in connection with the separation of certain senior executives.” 10-K for 2017
Our summaryRecognized a restructuring charge associated with workforce reductions.
Word for word“In 2015, we recognized a charge consisting of $578 million of programming charges and a $206 million restructuring charge associated with workforce reductions.” 10-K for 2017
Our summaryRecorded 2017 severance accruals and payments and reported a severance liability balance for restructuring.
Word for word“As of September 30, 2017 , of the remaining $208 million liability, $132 million is classified as a current liability in the Consolidated Balance Sheet, with the remaining $76 million classified as a noncurrent liability.” 10-K for 2017
Our summaryLaunched a 2018 cost transformation program including an organizational realignment of support functions across Media Networks, recording restructuring and related costs that included severance.
Word for word“During 2018, we launched a program of cost transformation initiatives to improve our margins, including an organizational realignment of support functions across Media Networks , new sourcing and procurement policies, real estate consolidation and technology enhancements.” 10-K for 2018
Our summaryRecorded severance, exit costs and related costs under the 2018 cost transformation program, with severance accruals and payments tracked in the severance liability.
Word for word“The charges, as detailed in the table below, included severance charges, exit costs principally resulting from vacating certain leased properties and related costs principally comprised of third-party professional services.” 10-K for 2018
Our summaryExpects additional exit costs under the cost transformation initiatives and may record further restructuring charges in fiscal 2019.
Word for word“In connection with completing our cost transformation initiatives, we expect to incur additional exit costs in the first half of fiscal 2019 of approximately $45 million and we may incur additional restructuring charges as we continue to evaluate cost transformation initiatives in fiscal 2019.” 10-K for 2018
Our summaryRecorded a restructuring and programming charge tied to the flagship brand strategy and strategic initiatives at Paramount, including severance, asset impairment and lease termination costs.
Word for word“During 2017, we recognized a pre-tax restructuring and programming charge of $381 million , resulting from the execution of our flagship brand strategy and strategic initiatives at Paramount.” 10-K for 2018
Our summaryRecorded a restructuring charge for the separation of certain senior executives, including separation payments and accelerated equity compensation.
Word for word“During 2016, we recognized a restructuring charge of $206 million in connection with the separation of certain senior executives.” 10-K for 2018
Our summaryViacom recognized restructuring charges in fiscal 2019 for its 2018 cost transformation program, plus severance and other compensation charges tied to the pending merger.
Word for word“Restructuring and other corporate matters : In 2019, we recognized restructuring charges of $73 million comprised of costs related to our 2018 program of cost transformation initiatives to improve our margins, as well as severance and other compensation charges of $41 million , recognized in the fourth fiscal quarter, substantially all in connection with the recently announced and pending merger.” 10-K for 2019
Our summaryViacom recognized restructuring costs in fiscal 2018 from its program of cost transformation initiatives.
Word for word“We recognized restructuring costs of $176 million in 2018 , resulting from the program of cost transformation initiatives described above.” 10-K for 2019
Our summaryViacom recognized restructuring costs in fiscal 2017 from its flagship brand strategy and strategic initiatives at Paramount, including severance.
Word for word“During 2017, we recognized restructuring costs of $ 237 million , resulting from the execution of our flagship brand strategy and strategic initiatives at Paramount.” 10-K for 2019
Our summaryViacom reported that it expects to substantially complete its restructuring actions by the end of 2019, with a remaining severance liability.
Word for word“As of September 30, 2019 , of the remaining $ 137 million liability, $ 111 million is classified within Other liabilities – current in the Consolidated Balance Sheet, with the remaining $ 26 million classified within Other liabilities – noncurrent .” 10-K for 2019
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-09-30 | $206 million | — |
| 2017-09-30 | $237 million | $132 million |
| 2018-09-30 | — | $147 million |
Viacom has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Viacom’s annual reports (10-K for 2019, 10-K for 2018, 10-K for 2017) and the financial data it files with the SEC, as of 2019-11-14. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.