NBC Cutting Budget by $500 Million

TV Newser has obtained an internal memo NBCU CEO Jeff Zucker issued to employees this afternoon:

We are living in a time of unprecedented economic challenges, and it is increasingly clear that the worldwide economic slowdown will continue well into next year…all of our business leaders are being asked to cut their spending projections for 2009. We are asking for a reduction of approximately $500 million across the company, which represents about 3% of our overall budget….

There’s more.  Jump to TV Newser to read the full memo.