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Vivendi plans to cut jobs

French media and telecoms giant Vivendi has said it will cut costs, including jobs, as it reported a drop in second-quarter net profits mainly due to its struggling telecoms unit.

Net profit fell 46% to 619m euros ($777m; £490m) on revenue down 1.5% to 6.96bn euros, a statement said.

Vivendi said it would cut costs by 500m euros by late 2014 to cope with weakness at its SFR phone business…

via BBC News – Vivendi plans to cut jobs and costs amid price war.

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