While cuts have been seen at many major media companies over the last few weeks, News Corp. has stayed largely in the clear. That appears likely to change.

According to a local spy, News Corp. is preparing for a round of cutbacks after the new year, mandating major O&O's to make "across the board" cuts. Stations like New York's WNYW, Chicago's WFLD and Houston's KRIV are expected to be hit hard.

Our source tells TVNewser some talent contracts are not being renewed, and that any talent who want to renew their deals will be asked to take a pay cut. As for existing talent "balking at signing a pay cut," our source says, "There's plenty of good talent on the street looking for work."

Some former Fox Newsers now at O&O's include Greg Kelly, Dari Alexander and Rick Folbaum at WNYW and Jeff Goldblatt at WFLD.