CNBC, high on its viewership numbers as the markets continue to nosedive, is in for its own downturn possibly by Q1 of next, a long cover story in the latest issue of B&C says. “Despite the yuks and the huge numbers, the network is now in the process of slashing as much as 10% from its budget. People at the network, says one staffer, are ‘scared s—-less.’...As CNBC enjoys a new level of visibility and is about to launch a massive new marketing campaign to capitalize on the momentum, it must do so while navigating through the same flailing economy that has sent the network’s proverbial stock soaring.” This far into Q4,  the channel viewership is up 66 percent compared to the year-ago quarter.

SEE ALSO: NBC Universal Calling For $500 Million Budget Cuts Next Year; Layoffs At Telemundo

CNBC execs are working to implement next-year’s $500 million cost-cut directives across parent NBC Universal (NYSE: GE), and CNBC’s longform unit has already been downsized from 25 to about a dozen, the story says. And despite all that, today CNBC is rolling out four 30-second promotional spots each week featuring its more than 40 anchors and reporters, continuing on its “I am CNBC” campaign launched last year.

One of the video ads, after the jump