HBO has begun offering voluntary buyouts to older employees who have been with the company for at least 10 years.
“In the interest of costs and operating efficiencies, HBO has offered voluntary early retirement packages to a segment of our employees,” the company confirmed in a statement.
HBO sources emphasized that the buyouts are being offered on a voluntary basis. The decision to winnow some staff positions was made by HBO leaders and was not a directive from parent companies WarnerMedia or AT&T. Details of the buyout offers were not immediately clear but a source familiar with the situation described them as generous with a sliding scale payout depending on the position and length of time with the company.
“You’re hoping that when you’re doing something like this, you’re giving these people who have been so loyal and with such contribution an opportunity to leave elegantly,” said an HBO source. “We take care of our people.”
The buyouts reflect the larger effort at HBO and WarnerMedia to scrutinize its spending and allocation of resources as HBO confronts an exponential increase in competition in the high-end TV market. HBO, like every other major media company, is looking for ways to operate more efficiently by revamping and reconsidering long-established practices that were designed for a very different era of television.
It’s unclear how many employees may be eligible for buyouts. HBO is known for having numerous employees with long tenures.
(Michael Schneider contributed to this report.)