Citing Economic Downturn, NBC Universal Cuts 2009 Budget By 3 Percent

BURBANK, CA - OCTOBER 20: The NBC peacock logo hangs on the NBC studios building on October 20, 2008 in Burbank, California. NBC Universal plans another round of major cuts totaling $500 million from the next yearly budget in spite of recent strong quarterly reports. The cuts come as the media sector copes with recent market turmoil that sent stock prices for many major conglomerates plunging to all-time lows, as much as 70 percent for the past year. NBC Universal stations are facing a serious local ad slump while its parent company, General Electric, is facing financial problems with heavy reliance on financial services in an environment of frozen credit. (Photo by David McNew/Getty Images)