Discovery Communications will lay off employees this year as part of a cost-savings plan, the company revealed Wednesday in an SEC filing.
Beyond personnel cuts, other actions will include some restructuring and budget reallocations.
Severance pay and other voluntary buyout actions should cost the company between $40 million and $60 million. However, Discovery could incur additional cash and non-cash costs from other parts of its overall plan.
All costs will be recognized in fiscal 2016, and the personnel moves are expected to be “substantially complete” by the end of 2016’s third quarter.
The bigger-picture plan is an effort “intended to enable the company to more efficiently operate in a leaner and more directed cost structure and invest in growth initiatives, including digital services and content creation,” Discovery stated in the legal filing.
Discovery Communications employees were informed of the plan today; it was officially signed off on last week.
Company stock has been hurting lately. Since a split in August 2014, DISCA shares are down about 37 percent to date.
CEO David Zaslav (pictured, above) has done his part to cut costs — kind of. The executive’s full compensation package dropped 79 percent from 2014 to 2015. However, Zaslav’s massive $156.08 million haul in 2014 mostly came about as part of a renegotiation package, one that included $94 million in stocks and options. He made $33.3 million in 2015.
17 Donald Trump Haters in Hollywood, From Chris Brown to Louis CK (Photos)
“Wow. You know it’s bad when people in Chicago are going like, ‘Man what a violent weekend.’”
–Trevor Noah, on protesters taking over a Trump in Chicago.
“I think that man will be president right about the time when spaceships come down filled with dinosaurs in red capes.”
“No one living in this century should stand behind so much ignorance.”
“Stop the bullshit. Stop fueling fires of hate.”
“It’s a nightmare. That’s my quote.”
–Rosie O’Donnell, on Trumps’s Campaign
“The fact that an individual like Donald Trump, a candidate for the presidency of the United States for the Republican party, has the audacity to continue to gratuitously harass the Latin community makes my blood boil.”
“gonna vom / move out da country. #aintapartyindausaanymo”
“You’re just such an egomaniacal attention-thirsty psychopathic power-hungry delusional waste of skin and bones that you’ll do, say or allow anything if it means you’ll just get one more minute in the limelight.”
–Mac Miller, on "The Nightly Show"
“It was funny for a little while. But the guy is Hitler.”
“At this point, Donald Trump is America’s back mole.”
“I think they were protesting your racist father. This isn’t complicated.”
–John Legend, to Donald Trump Jr. after real-estate mogul’s son quipped, “5 students when asked why they were protesting couldn't even answer”
“How horrible. Voldemort was nowhere near as bad.”
"He’s just an opportunist. Now he’s a fascist; a xenophobic fascist.”