A memo hit the inboxes of Skydance employees on Monday, offering a voluntary buyout option to allow employees to “move on in a way that works for them.”
The memo, obtained by Deadline, gave “eligible employees” a window of time to consider the buyout.
“Please know we don’t take any of this lightly,” the memo stated. “We are clear about what we’re building: a company that tells the stories people around the world love, embraces new ways to connect with audiences, and leads the next era of media and entertainment.”
The buyout opportunity comes amid fears of massive layoffs following the Warner Bros. and Paramount merger, a $110 billion acquisition. The resulting company will carry nearly $90 billion in debt, with CEO David Ellison committing at least $2 billion to cost-saving measures, much of which is expected to come from layoffs.
The one-time buyout offer is the first step in this process.
https://twitter.com/ScottNover/status/2114772219406782636?s=20
According to an August report, about 4,500 people working directly in film and television could lose their jobs as a result of the merger, with the impact potentially extending to 10,360 jobs overall. As part of the agreement reached between Skydance and the 12 states that attempted to halt the merger, the company is required to establish a $47.5 million Workforce Fund over five years for workers displaced by the merger.
The memo also announced that Skydance employees will be required to work in the office five days a week. According to the memo, signed by Ellison and co-CEO Ynon Kreiz, the in-person requirement aims to create a stronger, more competitive company: “one company, fully aligned.”
“To do that, we must be a strong, connected and agile company,” the memo said. “Among our business and creative priorities, none matters more than building a strong culture, because it’s the foundation of everything we want to achieve.”
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