It’s been the headline at Drudge all day:

NBC Universal said Thursday it would cut 700 jobs and streamline its news operations as part an overhaul aimed at exploiting new forms of electronic distribution. NBC, a unit of General Electric Co., said it expects the revamp to save $750 million in operating expenses by 2008. The job cuts would represent about 5% of its workforce.

As part of the changes, NBC’s long-struggling 24-hour cable news channel MSNBC will move its operations to NBC’s headquarters in Manhattan’s Rockefeller Center and also to another NBC facility in Englewood Cliffs, N.J

Surprisingly, TV Newser has been on top of this rumor-turned-reality all day.

Speaking of rumors, will Chris Matthews move back to CNBC with The Tan Man? Or perhaps Olby will be one of the 700 people canned. One can only hope.