Even before COVID-19, the road has been a little bumpy for ViacomCBS since the company closed its long-awaited, $12 billion merger last December. The company’s stock has lost more than half i…
Tom Hayden Exits As President of Smithsonian Networks Amid Entertainment & Youth Group Integration & ViacomCBS Layoffs
On the company’s last earnings call in February, CFO Christina Spade said most of the anticipated cost savings would come from “from incremental opportunities across areas where Viacom and CBS have the most overlap – namely, duplicative organization areas, vendor sourcing and, to a lesser extent, real estate consolidation.”
Viacom and CBS spent six years under the same corporate roof before parting ways in 2006. After pursuing a merger, in fits and starts, for five years, the companies got their wish last year, closing an all-stock deal to bring together the two companies controlled by National Amusements. The combined company will get the chance to make its case again to Wall Street on May 7 when it reports quarterly earnings. Clearly, the company is feeling some of the effects of COVID-19. Paramount Pictures is unable to release theatrical films or make films or TV series and advertisers are pulling back from TV networks, including CBS, which is making do without live sports.
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