Skydance Offers Buyouts, Gives 5-Day RTO Order

Skydance, as it begins integrating Paramount and Warner Bros. Discovery, is offering voluntary buyouts to some employees and imposing a five-day-a-week office requirement. Layoffs are also expected as the company targets more than $6 billion in annualized cost savings within three years. Variety reports: The new program was outlined by chairman and CEO David Ellison and co-CEO Ynon Kreiz in a memo to staffers Monday. "As we bring our teams together, we recognize that not everyone will see their future here, and we respect that. To give eligible employees the option to move on in a way that works for them, we are introducing a Voluntary Buyout (VBO) Program," the execs wrote. "Those who qualify will receive an individual communication with their personalized details and terms, and a window to decide whether to accept this one-time offer." They added, "Please know we don't take any of this lightly. 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. We have the talent, the creative firepower and the ambition to do it, and we will get there together." [...] In the Oct. 26 memo, Ellison and Kreiz also said the new Skydance is moving to a mandatory five-days-per-week in-office policy across the company. "We believe in-person collaboration is vital to our culture and to the success of our business. Especially in a creative company like ours, the best ideas come from people in the same room, sharing perspectives, challenging one another and solving problems," the execs said. "We truly believe this is in the best interest of our company and our people. We've seen the benefits firsthand at Paramount, and we want every part of Skydance to share in them."

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