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March 1, 2007
LONDON: A restructuring at MTV Networks International will result in the elimination of 250 jobs, the Viacom-owned operation said today, as part of a move to focus on high-growth businesses and markets and boost operating margins.
Among those divisions that will maintain their existing structures are the Viacom Brand Solutions (VBS) Europe and VBS UK divisions, charged with developing targeted opportunities for advertisers across the MTVNI portfolio; as well as the consumer products, program sales and digital media units.
The 250 layoffs include the restructuring that took place at MTV Networks Asia in Singapore at the end of last year. In Latin America, further regionalization is being planned, with some functions at the Miami headquarters relocating to Buenos Aires. Ad sales and affiliate sales will remain in Miami, while Buenos Aires will be home to production, programming and creative strategy.
In Europe, meanwhile, a portion of the Emerging Markets/Middle East group in London will relocate to Budapest, Hungary and Warsaw. A new structure will be put in place in London to devote more support to revenue-generating areas and its biggest business, MTV Networks U.K. Some MTVNI functions will be merged with MTVN U.K., while others will be restructured to realize economies of scale through its existing global MTV Networks U.S. base.
Bob Bakish, the president of MTVNI, said of the changes “will position us well for the next phase of our growth—increasing our operating margins through more efficient corporate structures, while also mobilizing our resources to build our multiplatform brand portfolios in priority markets and expand growing revenue areas such as ad sales, digital media and consumer products.”
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