NBC Will Cut a Half Billion in Spending
The National Broadcasting Company became the latest media company to announce cutbacks in these tough economic times. In a memo sent to all staffers, Jeff Zucker announced that the company would cut $500 million in spending next year, roughly three percent of its overall budget (or half of its Olympic haul).
The Peacock prez cited “decline in consumer confidence and spending” as reasons for the cuts. The memo doesn’t mention any specific loss of jobs but does mention a reduction in “staffing costs” as one way to save money, as well as decreasing “promotion expenses.”
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