All big organisation have areas of waste but content is the BBC's raison d'être, not something that should be discarded to save money.
I'm an ex BBC Online employee. Most people don't realise quite how few people are involved in the creation and update of the BBC website. When I was there it was generally 2 people per site (and each person was on more than one site). We had a dozen staff looking after a hundred sites using old and borrowed tech and the occasional independent flash developer.
The BBC was never wasteful. Don't believe what you read in the anti-BBC press. They have their own agenda.