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NBC Universal Undergoes Restructuring That Will Cut 700 at the Network

NBC Universal announced Thursday that it would shift spending from tradition broadcast TV to digital entertainment. It will cut 700 jobs because of this restructuring. A media consultant discusses changing times in the media world.

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    Finally tonight, NBC, known as the Peacock Network because of its famous logo, sheds more than feathers. Jeffrey Brown has our Media Unit report.


    More and more, television viewing looks less like this and more like this. Today, one of TV's historic leaders, NBC, now called NBC-Universal, announced a shakeup to respond to the changing reality, targeting more products to new delivery systems, like video-rich Web sites and portable devices, while cutting in traditional areas, including its news operations.

    BRIAN WILLIAMS, Host, "NBC Nightly News": Good evening. Tonight, all eyes are on a tiny…


    Bob Wright, chairman and CEO of NBC-Universal, announced the moves today in a written statement, saying the new strategy, called "NBCU 2.0," was intended to, quote, "help us exploit technology and focus our resources as we continue our transformation into a digital media company for the 21st century."

    NBC says it will save $750 million by the end of 2008, shedding 700 jobs, mostly in news, and merging the operation of its long-struggling 24-hour cable news channel, MSNBC, into other news facilities. The company's TV station group will consolidate in Burbank, California, along with the NBC-owned Spanish-language broadcaster Telemundo.

    JASON LEE, Actor, "My Name is Earl": You know that guy you see going to the convenience store…


    One change on television that viewers will notice: NBC will stop scheduling high-priced dramas and comedies during the first hour of primetime at 8:00 p.m. Current shows, like "My Name is Earl" and "30 Rock," will be placed later in the evening instead, replaced by cheaper shows like "Deal or No Deal."