NBC Universal today announced that it was laying off hundreds and refocusing its strategy with Internet media in mind.

The company’s new strategy, which they are calling “NBCU 2.0,” is a wide-ranging strategic initiative to assure future growth, streamline and strengthen operations, and exploit opportunities created by the rapidly evolving digital and global marketplace.

“Success in this business means quickly adjusting to and anticipating change. This initiative is designed to help us exploit technology and focus our resources, as we continue our transformation into a digital media company for the 21st century,” said Bob Wright, Vice Chairman of GE and Chairman and CEO, NBC Universal.

The company-wide initiative is expected to reduce the company’s annual administrative and operating expenses by $750 million by the end of 2008. It will also result in workforce reduction of approximately 700 positions, about 5 percent, over the same time period.

The company plans to reinvest the savings into higher-growth areas. Digital revenues are expected to exceed $1 billion by 2009.

As part of the redesign, Newsgathering operations will be consolidated to improve efficiencies. NBC Universal’s 24-hour cable news channel, MSNBC, will move its operations to the company’s production facilities at 30 Rockefeller Plaza, New York, and Englewood Cliffs, New Jersey.

On the Entertainment side, NBC plans to maximize its ability to generate revenues across all platforms - including new digital distribution outlets - through a business strategy that reduces NBCU’s dependence on traditional content distribution methods and advertising models. This includes bringing content to consumers sooner on a variety of platforms, creating new windows or opportunities in the traditional syndication market, and developing alternative advertising metrics.