Viacom to restructure to drive growth

U.S. media company Viacom Inc. announced it will undertake a restructuring, including cutting jobs, abandoning some acquired titles and reorganizing three of its domestic network groups into two new organizations, to drive growth.

Under the restructuring program, the company will realign sales, marketing, creative and support funcitions, as well as cut an undisclosed amount of jobs, according to Reuters.

The owner of studio Paramount Pictures and cable networks such as MTV and Comedy Central expects to save $350 million annually from the restructuring.

Read more from Reuters.