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Fox memos: Voluntary buyouts in film, TV to target $250M in cost cuts

Feb. 01, 2016 3:10 PM ETFox Corporation (FOX) StockFOXA, FOXBy: Jason Aycock, SA News Editor2 Comments
  • Twenty-First Century Fox (FOX +0.2%, FOXA +0.1%) is offering buyouts to some employees with an eye toward $250M in cost cuts this year, according to internal memos.
  • The employees -- in the film and TV businesses, at 20th Century Fox and Fox Networks Group -- are being offered a benefits package for a voluntary departure as the company works to "transform certain functions and to reduce costs."
  • The resignations would take effect at the end of May.
  • "This restructuring is coming at a time when all of our businesses are hitting new heights, which I know may be confusing," writes Peter Rice, CEO of Fox Networks. "... It is important, however, that we organize ourselves for tomorrow rather than resting on the laurels of today, and the best time to do that is when we are in a position of strength."

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