Now onto the big media side of retrenchments and belt tightening, NBC Universal (NYSE: GE) CEO Jeff Zucker is asking for $500 million of budget cuts next year, which is about 3 percent of the company’s total budget. He outlined this to staffers in a memo late today, reports B&C. From the memo: “While each business leader has flexibility in how to meet this goal, we have asked them to focus on three areas: reductions in promotion expenses; in discretionary spending, such as travel and entertainment and outside consultants; and in staffing costs.”
The company and its parent GE just announced their Q3 results, and NBCU had a 10 percent rise in profits.
Meanwhile, its Telemundo Spanish-language TV unit has cut 85 jobs, reducing its workforce 5 percent, reports LAT. “We are basically adjusting to reflect the economic realities of the current market,” the company said. These layoffs comes even as the channel’s primetime audience has been increasing rapidly over the last year.
Who’s up next in the big media sphere? One heavily-ad based network TV heavy comes to mind….