×

Fox Buyout Offers Accepted By Up to 400 Employees (EXCLUSIVE)

Between 300 and 400 film and television staffers have taken voluntary buyouts at 21st Century Fox, Variety has learned.

That represents roughly half of the employees who were given the option of taking the package, according to insiders. Fox initiated the buyout program as part of a company-wide effort to cut $250 million from its budget. Fox currently has no plans for layoffs.   The company believes it can potentially lower expenses in other ways beyond staffing reductions.

Various division heads will now look at their departments to see if the work of the employees who are leaving can be reassigned or will require new hires. Some functions may be combined.

Fox has approximately 20,000 employees globally. Most of the buyouts took place at the company’s domestic operations, with the bulk of those coming from its Los Angeles offices.

Last February, Fox sent out proposals to roughly all staffers who had logged at least 15 years at the media conglomerate. Staffers who took the buyout received a month’s pay for each year they worked.

Consumer products chief Jeffrey Godsick, Fox Searchlight production chief Claudia Lewis and Fox Broadcasting marketing EVP Laurel Bernard are among the senior executives who opted to take buyouts.

When it announced the buyouts, Fox said the cost savings would help the organization be more “agile and structured to fully capture the many opportunities ahead of us.” Media companies are facing challenges from digital players such as Netflix and Amazon, whose wealth of online content is encouraging consumers to stream shows. That, in turn, creates headaches for businesses that earn the bulk of their profits from ad revenue and ticket sales.

More Film

  • SAG-AFTRA HQ

    SAG-AFTRA Leaders Approve Proposal for New Film-TV Contract

    The SAG-AFTRA national board has approved proposals for a successor deal to its master contract covering feature film and primetime television — a key step in the upcoming negotiations cycle with companies. The board approved the package Saturday with the performers union declining to reveal any specifics — its usual policy. The board established the wages [...]

  • Cameron Crowe, David Crosby, A.J. Eaton.

    Cameron Crowe on Why He Loved Leaving David Crosby Doc on a CSNY Question Mark

    David Crosby may or may not have stuck a joint in Cameron Crowe’s mouth the first time he ever met the future filmmaker, when Crosby was peaking with Crosby Stills Nash & Young and his interviewer was a precocious 15-year-old Rolling Stone correspondent. As Crowe said to Jimmy Kimmel the other night, “I remember it [...]

  • Mokalik

    Nigeria’s Kunle Afolayan: African Audiences Shouldn’t Be ‘Second-Class’

    DURBAN–A young boy from a middle-class home gets an unconventional schooling in the ways of the world when he’s forced to apprentice at a mechanic’s workshop in a rough-and-tumble section of Lagos. “Mokalik” is the latest feature from Kunle Afolayan, a leading figure in the wave of filmmakers revitalizing the Nigerian film industry. The film [...]

  • Alicia Rodis photographed by Alicia Rodis

    SAG-AFTRA Moves to Standardize Guidelines for Intimacy Coordinators

    SAG-AFTRA is moving to standardize guidelines for intimacy coordinators as part of an effort to establish policies for union members when their work involves nudity and simulated sex. “Our goal is to normalize and promote the use of intimacy coordinators within our industry,” said SAG-AFTRA president Gabrielle Carteris. “Intimacy coordinators provide an important safety net for [...]

  • The Lion King

    Box Office: 'The Lion King' Roars Overseas With Mighty $269 Million

    Disney’s “The Lion King” certainly felt the love this weekend, generating $269 million at the international box office. Director Jon Favreau’s remake of the classic Disney cartoon now holds the eighth-biggest debut of all time overseas, and that’s not including the film’s early opening in China last weekend. Combined with a stellar $185 million start [...]

  • Scarlett JohanssonMarvel Studios panel, Comic-Con International,

    Scarlett Johansson Reveals What We'll Learn About Black Widow in Stand-Alone Movie

    Scarlett Johansson can finally talk about her upcoming “Black Widow” movie. While she can’t divulge spoilers, she let out a big sigh of relief after the film was officially announced on Saturday during the Marvel Studios presentation at Comic-Con. “I feel like a weight has been lifted,” the Oscar nominee told Variety. “Black Widow” is [...]

More From Our Brands

Access exclusive content