NBCUniversal Cutting Staff

by Christopher Freeburn | November 13, 2012 10:49 am

unemployed will work for food lego 630 Flickr1 300x180 NBCUniversal Cutting Staff[1]Unnamed sources tell Bloomberg that Comcast‘s (NASDAQ:CMCSA[2]) NBCUniversal will eliminate 450 jobs across its operating divisions[3].

The cuts would amount to about 1.5% of the company’s 30,000 workers, with most of the job losses coming from its California-based operations. Some of the reductions have already been implemented.

Some of the job losses came as part of the cancellation of two long-running TV shows at its G4 cable network. In regulatory filings, company indicated that it would shed 360 jobs in California by the end of this year.

Slowing advertising revenues may be driving cost-cutting efforts at NBC. Its cable networks saw ad revenue growth fall from 5% during the first half of the year to under 1% in the third quarter.

The cuts come as NBC’s broadcast network enjoys a surge in viewership that has propelled it to the top of prime-time TV ratings[4], reversing years of ratings declines.

Shares of Comcast rose fractionally in Tuesday morning trading.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/07/unemployed_will_work_for_food_lego_630_Flickr1.jpg
  2. CMCSA: http://studio-5.financialcontent.com/investplace/quote?Symbol=CMCSA
  3. across its operating divisions: http://www.bloomberg.com/news/2012-11-13/nbc-universal-said-to-cut-about-450-jobs-across-its-units.html
  4. propelled it to the top of prime-time TV ratings: http://investorplace.com/2012/11/nbc-leaves-abc-cbs-fox-in-the-dust/

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