NBC Universal announced the launch of "NBCU 2.0," a wide-ranging strategic company initiative to focus on the digital and global marketplace.

Variety reported that NBC Universal will make job cuts across all areas of the company as it restructures.

NBCU 2.0 will enhance ongoing efforts to redirect traditional analogue resources toward high-growth digital areas and international expansion, according to a company statement.

"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," says Bob Wright, vice chairman of GE and chairman and CEO of NBC Universal.

As NBC says it expects to reduce the company's annual administrative and operating expenses, digital revenues are predicted to exceed $1 billion by 2009.