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MSNBC to NYC; 700 Jobs Cut

NBC said Thursday that it plans to shut down MSNBC’s Secaucus, N.J., headquarters and move operations for the all-news channel to New York and Englewood Cliffs, N.J.

The company added that it will cut 700 employees as part of the shakeup at its news division and a broad NBC 2.0 initiative, which it said would “assure future growth, streamline and strengthen operations and exploit opportunities created by the rapidly evolving digital and global marketplace.”

NBC said the moves are expected to reduce its annual administrative and operating expenses by $750 million by the end of 2008.

The company will also look to distribute TV programming through new platforms, saying that it will create “new windows or opportunities in the traditional syndication market” and develop “alternative advertising metrics.”