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BRIEFLY / COMPANY TOWN ANNEX

General Electric Cutting CNBC Staff

February 16, 2001|Bloomberg News

General Electric Co. said it will fire about 4% of the staff at CNBC, the top-rated financial news cable television network, and 26% of the work force at the channel's Internet site. About 520 people work at CNBC, excluding the Internet site. CNBC.com has about 100 employees. CNBC is part of General Electric's NBC unit, which includes the NBC broadcast network. The cuts are part of NBC's plan to reduce its overall work force by 5% to 10% by the end of the month. The moves come in response to the economic slowdown, which makes it more difficult for media companies to generate advertising revenue. Shares of Fairfield, Conn.-based General Electric rose $1.72 to close at $47.98 on the NYSE.

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