NBC Universal Plans to Cut 5 Percent of Staff
NBC Universal says it is cutting 700 jobs. Cost-cutting plans include the news operation. General Electric's NBC expects to save $750 million by 2008. The job cuts would represent about 5 percent of its work force.
As part of the changes, long-struggling MSNBC will move operations to NBC headquarters in Manhattan. The savings effort follows three years of slumping at NBC Universal, where operating profit has fallen 10 percent in the past three quarters.
The lackluster results crimped the earnings of parent General Electric.
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