by Christopher Freeburn | November 13, 2012 10:49 am
Unnamed sources tell Bloomberg that Comcast‘s (NASDAQ:CMCSA) NBCUniversal will eliminate 450 jobs across its operating divisions.
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, reversing years of ratings declines.
Shares of Comcast rose fractionally in Tuesday morning trading.
Source URL: https://investorplace.com/2012/11/nbcuniversal-cutting-staff/
Short URL: http://invstplc.com/1fu0GFp
Copyright ©2018 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.