21st Century Fox has substantial staff cuts in the works on both the film side and the TV side. Variety reports that the studio aims to cut staff overhead by $250 million for fiscal 2017, which begins in July.
The company is launching a voluntary buyout program at the Fox Networks Group and 20th Century Fox film studio, according to the report.
“Some employees were to receive buyout offer today asking for resignations by May 23, 2016,” Variety reports. “Fox did not specify a headcount target but at $250 million it would presumably be expected to cover hundreds of staffers, probably most of them senior-level. As news of the offers spread across the Century City lot, sources said the packages were indeed generous for longtime employees.”
In a statement, the company said: “As we position 21CF for the future, we want to ensure our organization remains agile and structured to fully capture the many opportunities ahead of us. With this we are looking across our film and television businesses to transform certain functions and to reduce costs. As part of this process, which is in its early stages, today some colleagues from Fox Networks Group and 20th Century Fox will be offered a generous benefit package if they opt to voluntarily leave the company.”