What do you think will happen in 2021?
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it was 750 million for TV CITY in California, a billion plus for the broadcast center in nyc when they find a buyer, and a billion plus for the Blackroock building when they find a buyer, most likely after covid , plus all the jobs that will disappear
Synergies, synergies, synergies? 1 bazillion, 2 bazillion, 3 bazillian? Blahblahblah. Fleubenthorp?
Keep arguing to come to the same conclusion - layoffs. A lot more of them. I think you guys just like writing the word synergy, using big numbers, and writing nonsense back to each other for pleasure.
yeah, that 750 number was BEFORE Covid, and if memory is correct, it was to be spread over a number of years. now, obviously whatever original plan was, it has changed. I do know for sure they have a recently updated time line for certain things. showtime broadcast facility being rolled into existing NOC, that is already happening. Old HBO broadcast facility has been purchased and build out under way for a while now, migration of of showtime/Viacom brand networks/undetermined CBS broadcasting/streaming origination, or pass through is slated for late 2021 opening last I heard. will be called CCC(cloud computing center). before people get all defensive, they will obviously have studios and broadcasting facilities for CBS in NYC. It just maybe scaled down, some support positions reallocated to CCC. many big media mergers have done this. example, Comcast/NBC moving sports division mostly to Stamford ct , maintaining a foot print in NYC. as far as selling real estate in NYC, that is a very complex situation. no idea on how that would go.
$300 million in synergies is not an addition to the original number - so the point is MOOT. $500 million was the original figure and then upped to $750 Million last year. So $300 million is irrelevant until there is an accounting from ViacomCBS as to what is cut. Maybe there will only be $100M cut in 2021, maybe there will be $409M cut - doesn't matter what blog guy is talking about. blackrock & broadcast center won't be sold anytime soon - and their value is decreasing by every Covid minute - so the savings they were hoping for isn't going to come via real estate. They should just walk it back to the original $500M
Viac announced a synergies of $500 Million a year pre-merger and in 2020 announced it was upped to $750 Million/.yr. not sure where the $300M comes in.
if its 300 million in synergies it probably means work from home and sell the blackrock building and broadcast center in nyc
All that whining and complaining to get useless information. Like someone said, more layoffs. Not difficult to figure out. Not sure what the Finance TH meeting date did for you either.
A 2020 earnings call mentioned 300 million synergies in 2021
Relax. The Finance Town Hall was on December 10. If you asked instead of whining like a baby you would have found out. The thread is about 2021 layoffs. So $175M in 2021.
whats the big deal about mentioning dates of alleged town halls? it's only a big deal - because it's false info if you have no references to validate info
Virtual Finance town hall sounds like bogus information - no references to when this was, no followup evidence of this in any media source. total BS
There is no pertinent information you will get here that you don't already know. Yes, everyone, expect more layoffs around the company while Bob's salary keeps rising, all the while continuing to be a failed leader and continuing to employ high-level failed leaders. The rest of us suffer as always. That's the way it goes and you should know this by now. You don't need a town hall to give you the BS info the company feeds you during these awfully boring and placating events.
people, please leave dates for town hall comments. can't make heads or tails of what is alleged to have been said in town hall compared to media reports. Ex: recent Finance town hall is irrelevant without dates or reference to media report. this could have been said a year ago or a month ago and we have no idea if it were true or not.
Virtual Finance Town Hall announced $175M in technology-based synergies (layoffs), so unscathed Finance is going to have a brutal year probably
Viacom would not survive in the business world without CBS. It is not fair 90% CBS employees are getting lay off. Viacom Sponge Bob created a garbage team in Nashville TN trying to eliminate all CBS accounting employees. Do you think CBS employees are dumb? Please have some respect on CBS employee who worked hard for many years. VP of GBS team needs to chill out! Shame on all of you at Viacom!
When they got rid of Moonves the company went downwards and still going. This is what happens when you appoint someone like spongebob bakish to lead the company.
1212 we eat 4.03gs for Breakfast
Know it's hard right now, but be thankful you are no longer at a company that creates garbage. Where the CEO is a failure, but collects a ridiculous paycheck, overpays by far, "leaders/content creators" who are barely coherent, then takes it out on the people who come up with all the ideas and make nothing. This is ViacomCBS. There is no other media company that has barely any watchable content where people who create the garbage keep getting rewarded. Don't forget that any successes here were put in place by those kicked out for the most part. So 2021 will just bring yet another streaming service from a company way behind the times - with nothing but garbage.
- 03g's were designed as Padding - they are Disposable
I can tell you what won't happen: Those of us who got sh–canned still won't get our belongings back. What a disgusting company
Re taking the layoff instead of buyout. Older staff are supposed to wait a few months till after 4.03gs are laid off. CBS won't lay off older techs unless a first wave of 4.03gs are laid off - that's the deal.
Older Union Staff - Make sure CBS Lays you off (DO NOT take the buyout). get Laid Off, take the Severance PKG (it's the same thing as the Buyout PKG) & Retire with your CBS Pension - this way you get Unemployment as bonus BEFORE you Retire
that number increased to 750 million PRIOR to pandemic I believe. with pandemic, obviously, going to be more than just merger layoffs. just as we have seen in 2020. it was a layoff/downsizing ect culture on Viacom side the entire time I worked there. unfortunately, the days of having a long tenure with any of the big media conglomerates are not the norm rather the exception for a while now. for most employees, just go under assumption your position is never "safe", always be prepared for that, and never stop looking for next gig. in very short term, expect more non merger layoffs for at least through Q3.
$500 mil is not half a billion....just saying.
2021 will be as much of a bloodbath as 2020. Half billion in “cost synergies” aka layoffs remain.