Nov 30, 2020
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21st Century Fox to Looks to Cut $250 Million in Film, TV Staff

In an effort to cut costs and reorganize a large swath of its workforce, 21st Century Fox is looking to reduce staff overhead by $250 million in the coming 2017 fiscal year that begins in July. The media giant is initiating a voluntary buyout program for U.S. employees at the Fox Networks Group and 20th Century Fox film studio.

“As we position 21CF for the future, we want to ensure our organization remains agile and structured to fully capture the many opportunities ahead of us. With this we are looking across our film and television businesses to transform certain functions and to reduce costs. As part of this process, which is in its early stages, today some colleagues from Fox Networks Group and 20th Century Fox will be offered a generous benefit package if they opt to voluntarily leave the company,” 21st Century Fox said in a statement.

Some employees were to receive buyout offer today asking for resignations by May 23, 2016. Fox did not specify a headcount target but at $250 million it would presumably be expected to cover hundreds of staffers, probably most of them senior-level. As news of the offers spread across the Century City lot, sources said the packages were indeed generous for longtime employees.

The cost-cutting initiative came about after a structural review of Fox’s U.S. operations and a recognition that the TV and film industries are changing dramatically. Sources familiar with the situation said Rice has been studying better ways to deploy resources in people in the various network and studio units that fall under his purview. The Fox broadcast network in particular has been through a rocky road in the past few years of declining ratings and shifting viewing habits, yet the network’s organizational structure is little changed from decades past.

News of the buyouts came as the Fox network was celebrating the triumph of Sunday’s live three-hour telecast of musical “Grease Live.” The production was much-praised for its daring technical gamble and infectious enthusiasm, which brought a big demo ratings windfall and 12.2 million viewers.

In his memo to staffers, Rice noted the “Grease” success and the Fox network’s improvements with other new shows so far this season but said the reorg’s time had come.

“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,” Rice wrote.

Source: Variety

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Front Page, Headline, Industry News

21st Century Fox to Looks to Cut $250 Million in Film, TV Staff

In an effort to cut costs and reorganize a large swath of its workforce, 21st Century Fox is looking to reduce staff overhead by $250 million in the coming 2017 fiscal year that begins in July. The media giant is initiating a voluntary buyout program for U.S. employees at the Fox Networks Group and 20th Century Fox film studio.

“As we position 21CF for the future, we want to ensure our organization remains agile and structured to fully capture the many opportunities ahead of us. With this we are looking across our film and television businesses to transform certain functions and to reduce costs. As part of this process, which is in its early stages, today some colleagues from Fox Networks Group and 20th Century Fox will be offered a generous benefit package if they opt to voluntarily leave the company,” 21st Century Fox said in a statement.

Some employees were to receive buyout offer today asking for resignations by May 23, 2016. Fox did not specify a headcount target but at $250 million it would presumably be expected to cover hundreds of staffers, probably most of them senior-level. As news of the offers spread across the Century City lot, sources said the packages were indeed generous for longtime employees.

The cost-cutting initiative came about after a structural review of Fox’s U.S. operations and a recognition that the TV and film industries are changing dramatically. Sources familiar with the situation said Rice has been studying better ways to deploy resources in people in the various network and studio units that fall under his purview. The Fox broadcast network in particular has been through a rocky road in the past few years of declining ratings and shifting viewing habits, yet the network’s organizational structure is little changed from decades past.

News of the buyouts came as the Fox network was celebrating the triumph of Sunday’s live three-hour telecast of musical “Grease Live.” The production was much-praised for its daring technical gamble and infectious enthusiasm, which brought a big demo ratings windfall and 12.2 million viewers.

In his memo to staffers, Rice noted the “Grease” success and the Fox network’s improvements with other new shows so far this season but said the reorg’s time had come.

“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,” Rice wrote.

Source: Variety

Leave a Reply

Your email address will not be published. Required fields are marked *

Front Page, Headline, Industry News

21st Century Fox to Looks to Cut $250 Million in Film, TV Staff

In an effort to cut costs and reorganize a large swath of its workforce, 21st Century Fox is looking to reduce staff overhead by $250 million in the coming 2017 fiscal year that begins in July. The media giant is initiating a voluntary buyout program for U.S. employees at the Fox Networks Group and 20th Century Fox film studio.

“As we position 21CF for the future, we want to ensure our organization remains agile and structured to fully capture the many opportunities ahead of us. With this we are looking across our film and television businesses to transform certain functions and to reduce costs. As part of this process, which is in its early stages, today some colleagues from Fox Networks Group and 20th Century Fox will be offered a generous benefit package if they opt to voluntarily leave the company,” 21st Century Fox said in a statement.

Some employees were to receive buyout offer today asking for resignations by May 23, 2016. Fox did not specify a headcount target but at $250 million it would presumably be expected to cover hundreds of staffers, probably most of them senior-level. As news of the offers spread across the Century City lot, sources said the packages were indeed generous for longtime employees.

The cost-cutting initiative came about after a structural review of Fox’s U.S. operations and a recognition that the TV and film industries are changing dramatically. Sources familiar with the situation said Rice has been studying better ways to deploy resources in people in the various network and studio units that fall under his purview. The Fox broadcast network in particular has been through a rocky road in the past few years of declining ratings and shifting viewing habits, yet the network’s organizational structure is little changed from decades past.

News of the buyouts came as the Fox network was celebrating the triumph of Sunday’s live three-hour telecast of musical “Grease Live.” The production was much-praised for its daring technical gamble and infectious enthusiasm, which brought a big demo ratings windfall and 12.2 million viewers.

In his memo to staffers, Rice noted the “Grease” success and the Fox network’s improvements with other new shows so far this season but said the reorg’s time had come.

“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,” Rice wrote.

Source: Variety

Leave a Reply

Your email address will not be published. Required fields are marked *

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