Viacom 8-K 2008
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
Section 2 Financial Information
On December 4, 2008, Viacom Inc. (Viacom or the Company) announced restructuring plans to reduce its workforce across divisions by approximately 850 positions and write-down certain programming and other assets. These steps are being taken in response to current economic conditions in order to better align the Companys organization and cost structure. Viacom also announced that it is suspending salary increases for its senior level management for 2009.
The restructuring is expected to result in an aggregate pre-tax charge of $400$450 million, or $0.42 to $0.48 per diluted share, in the fourth quarter of 2008. Of this amount, approximately $75$90 million relates to severance in connection with the workforce reductions. The remainder relates to the write-down of programming and other assets. The Company estimates that less than 50% of the restructuring charge will involve future cash payments.
Section 7 Regulation FD
The Company expects to realize pre-tax savings of $200$250 million in 2009 as a result of the restructuring.
A copy of the press release is furnished herewith as Exhibit 99.
Section 9 Financial Statements and Exhibits
(d) Exhibits. The following exhibit is furnished as part of this Report on Form 8-K:
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.