Skydance Corp., now the parent of the former Warner Bros. Discovery assets, told employees on Monday that it will offer voluntary buyouts to a select group of workers. The move comes as the entertainment company begins a three‑year, $6 billion cost‑reduction plan.
Buyout program and office policy
In a memo signed by co‑Chief Executives David Ellison and Ynon Kreiz, the company said it respects employees who may choose to leave as the two businesses are merged. Eligible staff will receive individual notifications, though Skydance did not disclose how many workers qualify or how many positions it hopes to eliminate.
The same memo outlined a new requirement that all Skydance employees work in the office five days a week. The policy will be rolled out in phases by location, echoing a similar five‑day mandate Ellison introduced at Paramount after Skydance acquired that studio last year.
Cost‑saving focus
Skydance’s leadership emphasized that the bulk of the $6 billion savings will come from technology upgrades, streamlined procurement and real‑estate efficiencies rather than large‑scale layoffs. Nevertheless, an August report commissioned by the Los Angeles County Department of Economic Opportunity and the county Film Office estimated the merger could eliminate about 4,500 jobs in Los Angeles County over three years.
While the company has not announced the total number of employees who may be affected by either the buyout program or future reductions, a Skydance spokesperson did not immediately respond to a request for comment.
Background
The merger, completed on Oct. 6, brought together Paramount and Warner Bros. film studios, as well as CBS, CNN and HBO, under the Skydance name. The combined entity is now seeking to integrate operations and achieve significant cost efficiencies while maintaining its position as a major player in the entertainment industry.
Original reporting: NBC4 Los Angeles — read the source article.
