Major Layoffs at Viacom

WHAT IS THAT IN HIS HAND? Photo: Getty Images

Viacom has announced it will lay off 850 workers, or 7 percent of its workforce. CEO Philippe Dauman tries to frame this as a good thing in the press release, which refers to the bloodbath as "restructuring plans designed to better align its organization and overall cost structure with evolving economic conditions." He fails. [MarketWatch]