Viacom Takes $785 Million Charge, Blames Underperfoming TV shows

Viacom is taking a $785 million charge on its woes with cable. It's writing down the value of underperforming shows hurt by weak ratings, a soft advertising market, and growing online competition. The media company is also laying off as many as 400 people. The shows being written down include "CSI", "Entourage", and "Community". The charges include an accounting change for programming such as reality and game shows that are losing their allure more quickly than in the past. Viacom's announcement underscores the difficulty that many big media companies are facing with reruns as they cope with cord cutting.