Media giant Viacom has announced a 7% reduction in its workforce, or 850 employees.

Viacom said in a statement that cuts would be implemented across all divisions of the company, which includes MTV Networks, BET, Paramount Pictures and DreamWorks movie studios. The restructuring and write-down will result in a pre-tax charge of $400 million to $450 million in the fourth quarter of 2008, but will deliver a result in pre-tax savings of $200 million to $250 million in 2009.

The New York Post reports that cable channel CNBC is expected to deliver 80 pink slips today. The report notes that CNBC has been spared cost-cutting efforts conducted by NBC to date.

Parent company NBCU announced a 3% across the board cut in October.