Viacom Cuts 400 Jobs, Regroups as Online Rivals Grow

Wall Street Journal: Viacom said it would take $785 million in pretax charges for job cuts and to write down the value of underperforming shows hurt by weak ratings, a soft advertising market and growing online competition. The layoffs affected as many as 400 people, according to people familiar with the matter, while the shows being written down include reruns of “CSI,” “Entourage” and “Community.” Charges include an accounting change for programming such as reality and game shows that are losing their allure faster than in the past.