http://www.latimes.com/business/la-fi-disney31-2008oct31,0,2548903.story Disney executives have been holding meetings in anticipation of a possible economic recession. While not confirmed by Disney, one of the measures being discussed is job cuts in all divisions of the company. The President of ABC News, David Westin, issued a staff memo instructing them "to make sure we have all the resources we need to cover the news" while implementing cost cutting measures. This includes flying "one grade below what they're entitled to" and to "stay in 'B' level hotels." The News department is canceling all magazine and newspaper subscriptions and there will be no holiday parties scheduled this year. Disney's Co-Chair of Disney Media Networks, Anne Sweeney, has asked her staff for cost saving recommendations should the economy warrant it. It's been reported that other Disney departments have been given similar instructions. Universal previously announced that it is cutting its budget by 3%, a $500 million decrease in spending, in response to "unprecedented economic challenges".