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July 7, 2020, 7:43 a.m. EDT

Nielsen accelerates transformation plan, to shed 3,500 jobs

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By Ciara Linnane

Nielsen Holdings Plc /zigman2/quotes/204674663/composite NLSN -2.42% said Tuesday it is accelerating a previously announced transformation plan and will exit smaller, underperforming markets and non-core businesses in the second half. The market research and audience measurement company expects to substantially complete the program in 2020 and to generate about $250 million in pretax annual run-rate savings. The New York-based Nielsen will cut 3,500 jobs worldwide and expects to book pretax restructuring charges of $150 million to $170 million, up from a prior range of $120 million to $140 million. "As discussed on our earnings call in April, we have increased our focus on platform consolidations, further automation, optimizing our global footprint, and ensuring that our resource allocation aligns with high-margin essential services," Chief Executive David Kenny said in a statement. "Today's plan encompasses, accelerates, and expands on those initiatives." The exits are expected to shave no more than 100 basis points off 2020 revenue growth. The company expects to book $40 million to $50 million of non-cash, pretax impairment charges int he second quarter. The company will released second-quarter earnings on Aug. 5. Shares were not active premarket, but have fallen 26% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.15% has fallen 1.6%.

/zigman2/quotes/204674663/composite
US : U.S.: NYSE
$ 13.73
-0.34 -2.42%
Volume: 1.64M
Sept. 22, 2020 11:57a
P/E Ratio
N/A
Dividend Yield
1.76%
Market Cap
$5.02 billion
Rev. per Employee
$141,630
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/zigman2/quotes/210599714/realtime
US : S&P US
3,286.13
+5.07 +0.15%
Volume: 887.07M
Sept. 22, 2020 11:57a
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