NBC Universal to cut costs to stay competitive

NBC Universal to cut costs to stay competitive

NBC Universal has revealed that they are planning to cut costs to stay competitive in these tough times.

The media giant is planning to cut spendings by $500 million next year. This comes to around 3% of their annual spendings.

NBC Universal CEO Jeff Zucker wrote in a memo sent to company employees: “We are living in a time of unprecedented economic challenges, and it is increasingly clear that the worldwide economic slowdown will continue well into next year. As we have been working on our budgets and planning for 2009, it has become evident that the decline in consumer confidence and spending will impact our operations.”