Twentieth Century Fox TV has joined the ranks of studios making budget cuts as economy fears worsen.
The studio confirmed Tuesday that it’s asking series producers to trim their budgets by 2%. ABC Studios had earlier implemented similar across-the-board cuts (Daily Variety, Nov. 11).
“In these challenging economic times, we’ve asked all of our showrunners to trim their production budgets, an assignment which they have all embraced,” 20th said in a statement. “Everyone understands that revenues are down and these steps are necessary to protect our business.”
Like at ABC Studios, the 20th cuts have been left up to each showrunner’s discretion.
Other television studios, including Warner Bros. TV and Sony Pictures TV, are said to be reviewing their budgets as well and mulling trims.
It’s been a rough month for the TV biz: CBS axed several staffers earlier this week, in both its network entertainment and studio arms, while NBC slashed its workforce by 3% and restructured its exec team, eliminating several top positions.
The Peacock’s moves came following NBC Universal’s earlier companywide initiative to trim 3%, or $500 million, from its 2009 budget.