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In An Effort To Bring Total Spending Down, NBC Universal Will Cut more than 700 Jobs

NBC Universal is cutting about 700 jobs to save the company about $750 million in spending.

The restructuring follows a July initiative that NBC Universal Television Group President Jeffrey Zucker billed as a comprehensive review of a media business that needs to change with evolving digital technologies. The company has been challenged by a ratings decline at NBC that is only beginning to turn around, and NBCU last week said second quarter profit dipped 10 percent from a year earlier.

The new plan, dubbed NBCU 2.0, will bring big changes for the news division, which has been the focus of the most persistent job-cut rumors. The boldest stroke will move MSNBC to NBC News’s Manhattan headquarters at 30 Rockefeller Plaza from the cable channel’s New Jersey home of 10 years.

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NBC Universal to Cut 700 Jobs, Slash Spending [TV Week]