MTV - MTV'S OVERSEAS OPERATIONS TO SHRINK

A second wave of pink slips has descended on MTV, coming down on its overseas operations. The Viacom unit said Thursday that it plans to restructure its international operations, an effort that will result in the layoffs of 250 employees in addition to the 250 employees who were let go in the U.S. last month. The company will not immediately experience a savings surge from the combined 500 layoffs, which represent about 7.7 percent of its international workforce. Quite the opposite, actually: severance pay and other costs are expected to amount to about $70 million, with most of that showing up in the company's first-quarter results.

02/03/2007