Media News

UPDATE 1-Level 3 cutting jobs as recession deepens

NEW YORK, Dec 8 (Reuters) - Telecommunications company Level 3 Communications Inc LVLT.O said on Monday it would cut around 450 jobs, or 8 percent of its workforce, joining a parade of technology companies cutting costs to cope with the deepening U.S. recession.

Level 3 said the cuts, all in North America, will take place by the end of December and result in charges of around $12 million to $15 million in the fourth quarter of 2008.

The Broomfield, Colorado-based company is a communications and Internet backbone provider, offering network support for large businesses and phone carriers. In late October, it cut its revenue for the current quarter due to slowing customer spending.

The announcement comes after U.S. phone company AT&T Inc T.N said last Thursday that it would cut 12,000 jobs, or about 4 percent of its workforce.

Other technology and media companies like Viacom Inc VIAb.N and Adobe Systems ADBE.O have also announced job cuts.

Level 3 said the cuts would be made across various levels in the company and in multiple locations in North America. (Reporting by Ritsuko Ando)