NBCU to cut 2009 budget

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NBC Universal is planning to cut $500m (£286m) from its 2009 budget, according to The Wall Street Journal.

The paper reported that NBC Universal's chief executive Jeff Zucker outlined the cuts in an internal memo.

He wrote: "We are living in a time of unprecedented economic challenges. It has become evident that the decline in consumer confidence and spending will impact our operations."

The cuts amount to 3% of NBCU's 2009 budget and the focus will be on cutting promotional expenses, discretionary spending such as travel and staffing costs.

No target has been set for reducing the company's headcount, the newspaper said, citing a person familiar with the situation.

NBCU bought UK indie Carnival Films earlier this year and is on the hunt for other acquisitions in the UK and Europe.