Comcast considers cutting $1B from TV networks as it hunts savings - report
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Comcast (NASDAQ:CMCSA) is considering cuts of up to $1B from its NBCUniversal TV networks business, Bloomberg reports - money it could recommit elsewhere (such as streaming), and part of a wave of tightening at media companies.
The company is looking for savings at its legacy cable and broadcast networks, including routes such as layoffs, cutting new program development budgets and pursuing more low-cost programming, according to the report.
But pulling that money could allow NBCU to give more funds to streaming service Peacock - Comcast has been one of the slowest of the media companies to build up streaming - or for the company's theme parks.
It comes as the focus for media companies shifts from aggressive growth/spending more toward profit, even as the companies are reluctant to cut back on streaming investments (the likely future of their business) - which leaves traditional media as ripe for belt-tightening.
Similar cost-cutting concerns have led to NBC weighing leaving more time to affiliates by dropping an hour a day of prime-time programming.