Layoffs will pick up in April. The state of New York requires employers to notify it when it plans to layoff more than 250 people. ViacomCBS notified the state of New York that it plans to layoff more than 250 people. Check the video. ViacomCBS news at 2:35. https://video.foxbusiness.com/v/6126024540001/#sp=show-clips
This was posted by @2xmf+13cHziBM, I'm moving it to the top so more people can see it. Important info.
Analyst prediction 5 to 9% of 23,100 employees https://www.hollywoodreporter.com/news/viacomcbs-remakes-exec-ranks-cost-cutting-1271797
Going to be around 2000. Those who don’t understand math and “synergy” should go first. Because, yes. 78 people is like nothing at all. SMH
The WARN law is pretty clear, so until there is an official WARN notice to do beyond the 78 already filed, we should treat this as nothing but rumors. Don't let FUD affect you.
The reports on Fox Business was 10% would be laid off. Plus Bob needs to reach 500 million in savings which the street thought was already low. 78 people will have very little effect on the bottom line. Much more will be coming.
The WARN notice only stated 78 ppl affected, it even gave the breakdown of how many from each division https://labor.ny.gov/app/warn/details.asp?id=7060 where did the rumor for 2200 come from?
It’s happening and right now. Employees to be notified by feb 15 and 20 to separate by April. It’s public knowledge via the government WARN. Also, Chris McCarthy couldn’t have made it any clearer. Wake up people. 4-6 weeks beginning last week. And to avoid hurting the stock any further, they are going to make this happen before the Feb 20. Investor call.
Can you volunteer to get laid off and take your package ?
Two years ago, CBS offered a boatload of retirement packages and did a bunch of layoffs too. Viacom definitely lays off more often though. The only news so far from the CBS side is that Home Entertainment was let go and that business is being folded into Paramount.
Chris McCarthy is the President of Entertainment and Youth Brands...
For those of us who are unfamiliar, McCarthy is from what department?
Re: McCarthy all-hands & the 4-6 weeks info, my guess it that people may be given notice in the next 4-6 weeks, with official end dates being in April - June.
that's weird. in the all-hands this week, McCarthy said layoffs will take place over the next 4-6 weeks.
Part timers aren’t even included in the 2200, they will all go.
I’m not sure if a lot of the staff is in denial. In my department we are constantly talking about it. Is that not happening everywhere?We have gone through multiple layoffs in the past 2 or so years. From what I hear CBS has not done that. We currently have aprox 22k employees. We are losing 10%. That’s 2200 employees will be losing their jobs. The question is from where? With CBS selling Black Rock and their operations center on 57th st I’m sure a big chunk will come from there.
I think a lot of the staff is in denial. What part of WARN Act is confusing???
Letting people go sooner is exec mgmt discretion, probably better if you want a good package.
The April rounds will definitely have the worst packages.