It’s budget cutting time

October 20, 2008

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In the media world, it looks like it’s time for a trim. Whether that’s jobs, travel expenses, or anything else, budgets are coming down… With the economy in the sick ward, what did we expect?

Yahoo is among those expected to outline ways to cut expenses, including further job cuts, a source tells Reuters. The announcement will likely come when it reports quarterly results on Tuesday:

The Internet company will discuss the scale and timing of the future layoffs, but specific details on the exact jobs to be eliminated will not be disclosed, the source said.

Over at NBC Universal, they are also cutting some costs. The Wall Street Journal says the media company wants to shave $500 million from its 2009 budget. That would be about 3 percent.

The question is can any of the other media companies be far behind?

Keep an eye on:

  • Is the decision by Paramount Pictures to push back two major holiday films an early indication that the economic crisis is taking a toll on Hollywood? (WSJ.com)
  • The Screen Actors Guild’s board voted to have a federal mediator brought into labor contract negotiations with Hollywood studios (Reuters)
  • Tribune Co, the heavily indebted U.S. newspaper publisher and broadcaster, plans to borrow $250 million from an existing line of credit to gain more flexibility amid the world financial crisis (Reuters)
  • The fake Sarah Palin has been doing great things for “Saturday Night Live,” but the real one put “SNL” over the top to its highest overnight ratings in 14 years (The Hollywood Reporter)

(Photo: Reuters)

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