NBC Universal is slashing its news budget and abandoning high-cost dramas in the 8 p.m. hour, paring expenses in traditional television as viewers and advertisers flock to new kinds of media.

The steps, announced Thursday, are part of an overhaul that also affects movie production and other operations at the entertainment conglomerate owned by General Electric Co. NBC Universal aims to cut operating expenses by $750 million by the end of next year, in large part by eliminating 5% of its global work force, or about 700 jobs, in coming months. Chairman Bob Wright said the streamlining, known internally as NBCU 2.0, will return the unit to double-digit growth in 2007.

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