(From TV Week.com -- By Michele Greppi)
NBC UNIVERSAL plans to eliminate about 700 jobs, or
5 percent of its workforce as part of a sweeping plan to cut $750 million in administrative and operating costs and remake itself for the digital age.
The plan, to be announced today, portends major changes at the news division and confirms fears of employees who have been living with rumors of layoffs for months.
The staff reduction at the GENERAL ELECTRIC COMPANY unit, which houses the NBC broadcast network and cable channels including USA NETWORK, will begin with buyouts, offers of early retirement and attrition.
MSNBC operations in Secaucus, NJ, will be moved to
NBC NEWS' headquarters at 30 ROCKEFELLER CENTER in Manhattan, sources said.
Some of MSNBC's technical operations could be moved to CNBC's spacious headquarters, which is about 15 miles north of Secaucus in Englewood Cliffs, NJ.
While details remain fluid, plans include turning the third and fourth floors at 30 Rock into a two-story, trading-floor sort of hub for NBC NEWS.
The division is currently spread over 10 floors at the building, which is a top tourist attraction in New York City.
NBC Universal to Cut 700 Jobs, Slash Spending
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