New York City ? NBC Universal announced Thursday that it will cut 700 jobs, abandon MSNBC’s New Jersey headquarters and shift spending from traditional broadcast TV to digital entertainment, reflecting both hard times at the network and changing times in the media world.

The company, a unit of General Electric Co., said the various moves were expected to save $750 million by the end of 2008.

The company announced no format changes for MSNBC, which has run third behind Fox News Channel and CNN in cable news for much of its 10-year history.