News Corp.’sFox spokesman (NWS) 20th Century Fox TV studio confirmed it’s trimming production budgets as fallout from the global financial crisis and economic downturn spreads through the entertainment industry. Chris Alexandersaid the studio has asked its showrunners for prime-time hits like “24” and “Family Guy” to reduce their annual budgets by 2%. That follows similar cost-cutting measures by other media giants like CBS Corp. (CBS) and NBC Universal, which is owned by General Electric Corp. (GE).
“This is unlikely to result in any job reductions, ” Alexander said. “Simply reductions in expenditures across all aspects of the production, or in specific areas, however our showrunners see fit. Everyone understands that revenues are down and these steps are necessary to protect our business.”
It could be worse.Ãƒâ€š At least the entire series wasn’t canceled.Ãƒâ€š RIP Canadian Idol… (until next year…maybe)