Top NBCUniversal executives take 20% paycut amid coronavirus fallout
NBCUniversal Chief Executive Jeff Shell has chosen to put Cesar Conde — chairman of Telemundo and the company’s international business — in charge of a newly-formed NBCUniversal News Group. The new division will put NBC News, MSNBC and financial news channel CNBC under the same roof.
Parent company Comcast Corp. reported earnings last week that were buoyed by a dramatic increase in customers signing up for high-speed internet service. However, NBCUniversal lagged behind because of the shutdown of key parts of its business. NBCUniversal’sUniversal Studios theme parks around the world have closed and Universal television and movie production has shut down. Los Angeles-based Universal Pictures’ studio has delayed the release of new movies because theaters are shuttered.
NBCUniversal has about 66,000 employees in the U.S. and abroad. The company has not said how many workers it has furloughed to date. “I have asked my leadership team to work with finance and human resources to find cost savings in each of their respective businesses,” Shell told employees in Tuesday’s memo. “Some of the options are straightforward, like cutting travel and entertainment budgets or outside consultants, while others will be more challenging.”
Some of NBCUniversal’s traditional cable channels — which have seen their audiences decline due to cord-cutting — are bracing for further restructuring, according to knowledgeable people. NBCUniversal owns USA Network, Syfy, Bravo, E!, Golf Channel, NBC Sports and news channels CNBC and MSNBC.and Disney’s Chief Executive Bob Chapek saw his base pay reduced 50%. Vice presidents at Disney will have their salaries cut by 20%.
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