Jeff Zucker told staffers on Friday NBC Universal will cut $500 million in spending next year, representing about 3% of the company’s budget.
The news was delivered via memo:
“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,” Zucker wrote. “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.”
B&C reports the internal announcement comes despite the fact that NBC Universal had a 10% bump in third-quarter profits.