A) viacomCBS offers SENIOR employees Buyouts B) the SENIOR workers refuse the Buyout and let other workers get Laid Off in Round #1 C) newer workers get Laid Off in Round #1 D) Senior workers lay low for several months E) Senior workers then let themselves to get Laid Off also (even out of seniority order *contract violation) in order to collect years of unemployment into their Retirement. Whether bought out or laid off - everybody gets the Severance pkg because the buyout agreement is ambiguous. Also the agreement is a change to the general contract and is supposed to be Voted On - but there's never a Vote - because it is a Backroom deal between CBS Management & the Reps for the workforce
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Viac valuation nearing $10billion - down over $20billion since merger - poetic Justice
Congrats Shari & bob - as of today the entire $18 Billion valuation of CBS in the Dec 4 Merger has completely vanished - keep up the good work
They messed up a great company like CBS and Viacom should have never merged with CBS AGAIN and they should have never gotten rid of Moonves! Cleary what is happening now is because of all these things that happened.
CBS P.R. Head McClintock leaving after 27 years... predicting Bakish will NOT attend scheduled conference in Frisco on WED - blaming travel concerns because of Coronavirus & Bob will be out the door on FRIDAY. nobody has confidence in ViacomCBS going forward.
get ready to kiss your CBS Pension goodbye, this joint is going belly-up
wait till "BOB" gets canned, bakish leaving may drop the stock another several Billion
last week the drop in share price completely eliminated the market value of Viacom itself (pre-merger value of $12 billion) this week - it looks as if VIAC is going to completely wipe out the pre-merger Value of CBS by itself ($18 Billion)....
Combining Companies to save $500m - $750m, meanwhile the stock is down $17 Billion since the Merger in DEC. Offering a Dividend when the stock has dropped 50% since Dec. A lot of good the layoffs are....
OMG, shut up already. Who cares?!
Honest Abe is correct. Tech, wga and sag/aftra & directors guild collective bargaining agreements are at least in 6 of CBS' largest markets (where the bulk of cbs employees work). other than the Management and Sales - CBS News is all union in those markets, CBS Sports is all union in those markets, CBS Radio is also union in those markets. The Majority of CBS is union - unless you're saying there are 4 Managers for every union job - when in fact places like NYC (just cbs local alone) are 40+ ENG Techs per manager, 30-40 Video Editors per manager (these numbers include freelancers).
OMG anonymous keep quiet rather than opening your mouth to remove all doubt. CBS was never a union??? What planet are you on? "Production technically is"??? Uh... Yeah... Production is most of CBS. First of all New York & LA are the bulk of jobs at CBS and the bulk of those employees are union. In addition all the other O & O's in the top ten markets are almost assuredly union - and all those stations - other than management and sales are union. The techs, drivers, writers, directors and on-air are all union. The TV shows in NY & LA are all union, such as Colbert Show, E.T. Game Shows and prime time shows from LA, daytime shows. . The list goes on, what planet is the CBS you are talking about from. In addition all the maintenance, cleaning staff, security, food service workers etc. In NY & LA and probably the other top market stations are all union. You are a fool
Pre-merger, CBS was never a union (production technically is). Get your facts straight, HonestAbe.
Has Viacom ever tried to unionize? I know Hearst is trying and Vox has one now.
Anonymous must be CBS News because "you can't handle the truth"
if anybody bothered to read ALL the comments before commenting themselves - VIACOMcbs is the name of the company now - I calrified in COMMENTS that it is CBS that is UNION, so stop huffing and puffing like an ignoramus
Exactly!
Come on, nobody at Viacom is in a union. And they capped severance a while ago, so I don't know how HonestAbe figures they are all living high on the hog and gaming the system. And the reason Viacom is first in the name is because CBS is not an international brand while Viacom is. They had $500,000,000 in overlapping salary to cut, this is the start of it. We all knew this was going to happen.
Who has a union job at 1515? Nobody but normal union guys. Elevator, facilities, etc. Come on folks!
I think it’s pretty safe to say if you work in a union ViacomCBS is going to do their best to get rid of you.
They should have never combined CBS with Viacom. Too late Shari.
CBS correct. I only say viacomCBS because Shari chose to combine the companies and brand it Viacom first.. as if that was going to accomplish anything. She's now stuck with the ramifications - which are driving the company into takeover or bankruptcy range
A wide majority of CBS employees are not union either.
I’m assuming this is mainly CBS employees. It sounds like some sort of contract union agreement. I don’t know anyone at Viacom in a Union.