ViacomCBS has been hit with another round of job cuts as layoffs and restructuring continue across big media and entertainment companies.
A person familiar with the situation said some 100 staffers are impacted across the combined company, primarily but not entirely in corporate roles and including finance and ad sales. The move is part of a streamlining and cost-cutting push announced when Viacom and CBS merged last December. The layoffs started early in the year and there have been several rounds.
In May, ViacomCBS initiated a round of post-merger layoffs across all parts of the company but primarily hitting divisions within the CBS Entertainment Group. The was was part of a restructuring of various operations at CBS as part of the integration with Viacom, as well as nod to changes in the business including those related to COVID-19.
ViacomCBS, led by CEO Bob Bakish has targeted $750 million in synergies from the combination. In a New York state filing in May, the company said it had eliminated 450 positions. That has risen as the year progressed.
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Layoffs are rampant across the industry from AT&T-owned WarnerMedia to Walt Disney to Comcast’s NBCUniversal, where the latest round of layoffs started today.
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