Viacom admits that the Internet is causing it a slow death

Blaming the Internet is something we’ve long ago come to expect from entertainment companies but, at least in this instance, these accusations have some validity to them. According to Viacom, the Internet has changed the way people watch television an, as such, many of the company’s shows simply aren’t as valuable as they used to be and the company is firing a lot of people to balance the scales. 

Sorry, Snooki. You’re not worth as much as you used to be. Blame Amazon, YouTube and the rest of the Internet. That’s part of the message Viacom sent out today, when it announced it was taking a $750 million restructuring charge as part of a “strategic realignment,” which includes firing a lot of people. The cable TV conglomerate had already been struggling with weaker ratings, and CEO Philippe Dauman had previously announced that layoffs were coming, so the news wasn’t a complete surprise. But the scope of the overhaul, for a company that seemed on top of the world just a few years ago, is news. So is the company’s acknowledgement that some of the shows it makes and buys aren’t as valuable as they used to be, because people don’t watch TV the same way anymore. Specifically: They’re a lot less likely to watch old reality shows, because technology gives them so many more options.