Viacom to Cut Jobs as TV Viewers Turn to Online Media

Bloomberg: Viacom is said to be planning to cut staff across the company as it grapples with shrinking audiences and advertising sales at cable channels such as MTV and Comedy Central. The company is undertaking a broad restructuring of domestic cable networks. With its focus on channels that target younger audiences, Viacom has been hurt by the loss of viewers to Internet media such as YouTube, Facebook and Hulu.