NEW YORK (Reuters) - Comcast Corp (O:CMCSA) owned NBCUniversal Media announced in an internal memo on Tuesday that a group of senior executives will receive 20% pay cuts as part of efforts to cut costs during the coronavirus pandemic.
NBCUniversal is the latest media giant to announce pay cuts as the broader industry turns to layoffs and furloughs to weather the effects of shutdowns aimed at curbing the spread of the virus.
"While many parts of our television operation are enjoying increased ratings, most segments of the company are operating in a very difficult environment," NBCUniversal Chief Executive Officer Jeff Shell (LON:RDSa) said in the memo.
Shell also said it will reverse March pay increases for employees that earn salaries of more than $100,000. The roll-back is set to begin in June and will not impact NBCUniversal's park employees because their salaries have already been reduced.
The company said that it would also cut travel and entertainment expenses.
NBCUniversal's memo comes days after its parent company released its first-quarter financial reports showing strong results for its broadband business.