Hundreds of Fox Employees Take Buyouts

Company announced $250 million spending cut in February

Last Updated: June 1, 2016 @ 2:11 PM

Hundreds of 21st Century Fox employees have taken buyouts offered by the company earlier this year as part of a proposed $250 million spending cut.

The headcount is between 300 and 400, an individual familiar with the buyouts told TheWrap. Layoffs are not currently planned, the insider said.

Multiple Fox representatives did not immediately return TheWrap’s request for comment.

21st Century Fox employs approximately 20,000 people worldwide. The voluntary buyouts were announced in February by Fox Networks Group CEO Peter Rice and 20th Century Fox Film CEO Jim Gianopulos.

A week after that, CEO James Murdoch foreshadowed further cuts on a call announcing the company’s second-quarter earnings.

“One number that has been out there is really $250 million of savings around this particular program, but these are programs that are going to be ongoing,” Murdoch said at the time, adding that those programs run across all divisions.

“Cost management is something that happens in a business on a continuous basis,” Murdoch continued. “So while it was a public event with some changes that we’re making at the networks group and at the studios in the company there, we focus on costs across our business all the time. We haven’t really quantified overall how that works, but I think it’s really 2017 and 2018 and going forward to really make the business the right shape.”

Fox reported $7.23 billion in revenue for Q3. 

News of the buyouts was first reported by Variety.