21st Century Fox Aims for $250 Million in Cuts

LOS ANGELES: 21st Century Fox is looking to cut $250 million this year on film and TV staff and has offered a “generous benefit package” for those who decide to voluntarily resign from the company.

“Our industry is changing rapidly, presenting new challenges and even more opportunities at every turn,” Peter Rice, the chairman and CEO of Fox Networks Group, said in a letter to staff. “For a company that has always embraced change and innovation, these are exciting times. To ensure we make the most of this new world, we need to adjust, adapt and organize for the future. With this in mind, through the remainder of this fiscal year, we will be undertaking some structural changes, increasing investment in some parts of the company while making cost reductions in other areas.”

Rice explained that for those who fit a specific set of criteria, a buyout will be offered if they voluntarily exit the company, starting May 23. Those who are eligible for the offer were told they would receive a confidential email with specific terms and benefits.

“I realize change is difficult, but we will be stronger if we take this opportunity to position our organization for the future,” said Rice. “This is the right thing to do for our business because although technology is rapidly changing our world, the global hunger for our brands and content will continue unabated and making the right decisions now will provide our company with many exciting opportunities for continued growth and success. I thank you all in advance for your professionalism and support.”