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Fox planning $250m of staff cuts
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21st Century Fox plans to make US$250 million of cuts across its US TV and film operations.
The US-based TV and film giant, which is helmed by James Murdoch (pictured), reports quarterly results next week and in a communication to staff quoted by US media press Fox TV Networks boss Peter Rice told staff that took voluntary redundancy would be offered generous compensation.
Fox recently restructured its international division, and the job cuts are expected to largely come from the media giant’s West Coast workforce. US reports said the TV side of the business will face the greater number of cuts.
“Our industry is changing rapidly, presenting new challenges and even more opportunities at every turn,” Rice wrote.
“To ensure we make the most of this new world, we need to adjust, adapt, and organise for the future. With this in mind, through the remainder of this fiscal year, we will be undertaking some structural changes, increasing investment in some parts of the company while making cost reductions in other areas.”
In a separate email to staff from Jim Gianopulous, the studio’s film boss, said: “As we embark on this review, we are taking the opportunity to offer 20th Century Fox colleagues who have extended tenure an enhanced benefit package if they elect to voluntarily resign from the company effective at the end of May 2016,” Rice noted.
Fox underlined that all of the job losses are expected to come from voluntary redundancy, with no staff being forced out. “As we position 21 Century Fox for the future, we want to ensure our organisation remains agile and structured to fully capture the many opportunities ahead of us,” it said in an official statement.
“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 [film arm] 20th Century Fox will be offered a generous benefit package if they opt to voluntarily leave the company.”
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