The restructuring will include cuts at all divisions of the company, and a suspension of salary increases for senior staff in 2009. It will also write down "certain programming and other assets."
Philippe Dauman, the Viacom CEO, said: "Even in these tough economic times, Viacom has a strong hand to play.
"Unfortunately, our advantages and best efforts can't completely protect Viacom from the very serious and broad-based challenges of this economic recession."
The job cuts and salary freezes are expected to generate $200m to $250m in cost savings in 2009. The company will take a charge of $400m to $450m in the fourth quarter
Viacom has experienced a tough 2008, with declining ratings at its flagship network MTV and the lack of a summer blockbuster on a par with 2007's 'Transformers'. A sequel is due in 2009.
Looking ahead, Dauman remained optimistic about Viacom's prospects for 2009 despite the bleak outlook for the media industry.
He said: "Viacom's outstanding brands, diverse revenue streams and global footprint all provide a significant and enduring foundation for future growth.
"The steps we have taken over the past two years, including those we are announcing today, have put us on very sound financial footing with a strong balance sheet and substantial cash flow.
"This affords us the flexibility to successfully deal with challenges while also capitalizing on the opportunities that inevitably arise in uncertain times.
"We are committed to continuing this prudent course and aggressively managing our businesses for long-term growth."
Viacom reported a 37% decline in earnings in the third quarter, on the back of a 2% worldwide drop in ad revenues.
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