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  "documentTitle": "Viacom (VIAB)",
  "authorId": "18_SpringOwl",
  "authorName": "Eric Jackson",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2016-01-13 00:00:00",
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  "notes": "The slide uses a bar chart to highlight the discrepancy in SG&A efficiency between Viacom and its competitors (CBS, TWX, Disney).",
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      "kind": "callout",
      "text": "Viacom Still Needs to Reduce Headcount by Another 10% to Bring it in Line With Peers",
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      "text": "Viacom vs. Peer Group: SG&A/Rev (2015 / LTM)",
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      "text": "Viacom's SG&A as a % of its Revenue is 4.4 Points Higher Than Time Warner, CBS or Disney; 21.0% vs. 16.6%; At $13.2B of Annualized Revenue, Dropping Viacom's SG&A Costs to be in Line With Time Warner, CBS, and Disney Would Reduce Annualized Expenses by Over $400M",
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      "text": "Dauman Has Said a Recent $786M Restructuring, Which Was Completed by April 1, 2015, Will Only Lead of To a Drop of $250M In Annualized Expenses; Therefore, SG&A Costs Will Remain Far Above Peers; In Q2 This Year – After Dauman's Re-org Was Completed - SG&A Costs Dropped, but Only Because Q2 Revenues Sagged so Much in Comparison to the Prior Year",
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      "text": "SG&A/Rev: 21%",
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      "text": "Source: 1. http://adage.com/article/media/viacom-s-dauman-restructuring-save-250-million/297513/ ; Company Fillings (10Q); SpringOwl Asset Management LLC",
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      "text": "Bloated Cost Structure Compared To Peers",
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