General Electric Co.’s media and theme park subsidiary, NBC Universal, this week laid off about 500 employees — about 3 percent of its work force of 15,000 — as part of a plan to trim $500 million next year, a person familiar with the situation said Thursday.
Several correspondents and other staff were laid off at NBC News. Positions were cut in roughly even proportions across NBC Universal’s ad sales, theme parks, movie studio and cable networks, said the person, who requested anonymity because she was not authorized to speak publicly.
The moves included putting the nightly CNBC show “The Big Idea” with Donny Deutsch on hiatus, said Brian Steel, vice president of CNBC public relations.
“Given current economic conditions the feeling was that now is not the right time to do a ‘success’ show five days a week,” Steel said. Deutsch will now work on a monthly special and appear regularly on CNBC and the “Today Show,” he said.
Among those laid off at the news division, which had 1,200 employees, are Dallas reporter Don Teague, “Dateline NBC” West Coast correspondent John Larson and Mark Mullen, who served as Beijing Olympics bureau chief.
The staff reductions are in line with the corporate goal of a 3 percent budget cut next year.
They are part of the cuts NBC Universal Chief Executive Jeff Zucker announced in a memo in October, saying “it has become evident that the decline in consumer confidence and spending will impact our operations” and that the company “must take steps now to prepare for these new economic realities.”
Zucker had asked each business unit to focus on reducing promotion expenses, cutting discretionary spending such as travel and entertainment and outside consultants and trimming staff costs. He also looked for savings by putting major purchases through the corporate sourcing department.
The laid off employees are to leave by January. Several have accepted buyouts and voluntary retirement packages.
The cuts came the same day Viacom Inc., owner of MTV Networks, BET Networks and Paramount Pictures, announced it would trim 850 jobs, or 7 percent of its work force, freeze some senior-level salaries and write down certain programming and other assets.
Viacom’s moves are expected to generate pretax savings of $200 million to $250 million next year. The company will take a restructuring charge of $400 million to $450 million, or 42 cents to 48 cents per share, before taxes in the current quarter, which ends Dec. 31.
Where The Buffalo Roam Signs Director Geordie Stephens For Spots and Branded Content
Production company Where The Buffalo Roam (WTBR) has signed director Geordie Stephens for U.S. representation spanning commercials and branded content. Stephens is known for his subtle performance-driven comedic style, emphasizing art direction, production design, and cinematography. Previously represented by Tool of North America, Bullitt and FANCY, Stephens has a commercial portfolio which includes such global brands as Mini Cooper, HP, Toyota, Bud Light, and Burger King. A former agency creative, Stephens transitioned to the director’s chair following a lengthy career on the agency side as a creative at Butler, Shine & Stern and CP+B Miami, among other shops.
PJ Koll, WTBR co-founder and executive producer, said of Stephens, “His expertise and talent perfectly complement our creative strengths, enhancing our ability to deliver at the highest level. We feel incredibly fortunate to have him join the herd.”
“When I met Tim [WTBR exec producer Pries] and PJ, we immediately hit it off,” added Stephens. “They’re super sharp, funny, and good people who have assembled a very interesting mix of talent with different skills. As a director, I’m always looking for simple human truths that everyone can relate to in a humorous and smart way. The Buffalo team specializes in the small wink, so they get my sense of humor and will give me the platform to keep pushing great work forward.”
During his advertising career, Stephens spearheaded campaigns for IKEA, Truth, Virgin Atlantic, Burger King, Sprite, and Volkswagen. His work also won top prizes at the Cannes Lions and Clios and has been honored by numerous One Show and AICP awards.
Raised in an artistic community in California’s Marin County by his writer-mother and... Read More