NBC Universal Plans to Cut $500 Million

Today's economy is bringing down everyone's finances, and the multi-billion dollar company that is NBC Universal is no different.

According to the New York Post, NBC's President and CEO, Jeff Zucker, broke the news in an internal memo sent to the employees last night. In it, he said that NBC is planning to cut $500 million, or 3 percent, from its yearly budget.

Even though third-quarter revenue rose by 35 percent, largely due to the broadcast of the 2008 Olympics, Zucker has told managers to find ways to reduce spending. This will include lay-offs and cutting travel, entertainment, promotional, and outside consulting expenses.

No department within NBC is safe. The cuts will come across divisions including the broadcast network, cable channels like Bravo and USA, and Universal Studios and theme parks.

"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 in the memo. "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."