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Revolving Door Newsletter: 10.21.08
NBC Cuts Budget By $500 Million; Boston Globe Trims SectionsOctober 21, 2008
In yet another preemptive strike against falling revenue, NBC plans to cut $500 million in spending from its 2009 budget. In a memo sent to all staffers, the company's president, Jeff Zucker, requested managers achieve these cuts through "reductions in promotion expenses; in discretionary spending, such as travel and entertainment and outside consultants; and in staffing costs." No layoffs were announced, but don't be surprised if they happen... Like The New York Times before it, The Boston Globe cuts two sections; unlike its bigger brother, however, the Globe will keep a standalone Metro section, choosing to fold Business into Metro ...