Viacom plans for AwesomenessTV layoffs, weeks after low-value acquisition

Viacom plans for AwesomenessTV layoffs, weeks after low-value acquisition

Viacom has plans to lay off nearly one hundred AwesomenessTV employees in an internal streamlining of its workforce, just weeks after it acquired the Gen-Z media company.

“As we begin to integrate Awesomeness and streamline the organization within Viacom, a number of positions were impacted today,” a Viacom spokesperson said. “We are grateful for the many contributions of each individual and continue to work diligently to ensure a smooth transition.”

According to a filing with California’s Employment Development Department, 98 employees are being laid off, focused primarily within people-focused departments like legal, finance, and HR. In addition, the company’s CEO Jordan Levin has departed the company. AwesomenessTV previously had a staff of a few hundred.

As a whole, Viacom’s CEO Bob Bakish has been working to cut costs wherever possible over the past two years since assuming his position. The company has already laid off over 500 employees in 2018.

Viacom’s acquisition of ATV could be regarded as a bargain, too. Sources familiar with the deal report a purchasing price of somewhere around $25 million, plus assumption of the company’s debt, bringing the deal to anywhere from $50- to $100- million. Two years ago, the company had received a $650 million valuation when Version and Hearst bought part of the company.