Sad But True, Viacom Lets 7% Go — And We Mean Employees, Not Films

The hits just keep on comin’. Viacom succumbed to the cost-cutting measures with a seven percent shave that included Paramount Vantage chief Nick Meyer (pictured at right) and 500 more at MTV Networks, Variety reports.

“Like all other divisions of the company, Paramount too is adapting to the changing conditions and, as a result, we will reduce our global workforce,” Paramount chairman-CEO Brad Grey wrote Thursday in a memo circulated to staff. “These reductions are across the studio: accounting, business/legal affairs, corporate and government affairs, home entertainment, human resources, information technology, production, studio lot operations and Vantage.”

For Paramount, more are expected soon.

Bad day, week, month at Paramount.

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