Archive for the ‘$500 Million’ Category

NBC To Cut $500 Million

October 20, 2008

By Michael Schneider
Variety

NBC Universal is prepping another round of major cuts, slashing spending by $500 million next year.

Conglom topper Jeff Zucker announced the reduction Friday via a memo to staffers. Cuts would equal 3% of the company’s budget, according to Zucker.

 

In the memo, Zucker blamed the current economy, arguing that NBC U needed to take precautionary steps despite coming off eight consecutive quarters of growth and profit.

“We are living in a time of unprecedented economic challenges….

Read the rest:
http://www.variety.com/VR1117994262.html

Advertisements