Skydance, as it embarks on the activity to merge the businesses of Paramount and Warner Bros. Discovery, is offering certain workforce a voluntary buyout in a “one-time offer.”
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 acknowledge that not everyone volition see their forthcoming here, and we regard that. To provision eligible workforce the choice to move on in a way that plant for them, we are introducing a Voluntary Buyout (VBO) Program,” the execs wrote. “Those who meet requirements volition obtain an idiosyncratic communication alongside their personalized particulars and terms, and a opening to decide whether to obtain this one-time offer.”
They added, “Please cognize we don’t obtain any of this lightly. We are apparent concerning what we’re building: a business that tells the stories group about the earth love, embraces new ways to nexus alongside audiences, and leads the next era of media and entertainment. We have the talent, the imaginative firepower and the ambition to do it, and we volition get there together.”
Paramount’s enormous $111 milliard takeover of Warner Bros. Discovery closed on Oct. 6. In their “Day One” memo to employees that day, Ellison and Kreiz (who was the CEO of Mattel before joining the new Skydance before this month) acknowledged that layoffs volition be part of the process. “Integrating two companies volition bring change, including difficult decisions that power our workforce,” the execs wrote in that memo. “We are committed to handling this procedure thoughtfully and respectfully.”
In the Oct. 26 memo, Ellison and Kreiz additionally stated the new Skydance is moving to a mandatory five-days-per-week in-office guideline throughout the company. “We accept in-person collaboration is critical to our civilization and to the achievement of our business. Especially in a imaginative business akin ours, the finest ideas arrive from group in the identical room, sharing perspectives, challenging one another and solving problems,” the execs said. “We really accept this is in the finest involvement of our business and our people. We’ve seen the benefits firsthand at Paramount, and we desire all part of Skydance to portion in them.”
Skydance execs have stated they are shooting to accomplish additional than $6 milliard in disbursal funds on an annualized basis inside three years, and part of that volition arrive from layoffs. The business has not revealed at this item the degree of the job cuts it expects. According to a study issued by Los Angeles County in August, the Paramount-Warner Bros. merger could outcome in the loss of several 4,500 movie and TV jobs complete three years in L.A. alone.
Read the complete memo sent by Skydance’s top brass Monday, a copy of which was obtained by Variety:
Team,
At Skydance, our goal is to build the next-generation media and amusement company, powered by ingenuity and technology. We are creative-first, spectators focused, tech-forward and globally scaled. And in a earth of endless choice and fierce competition for attention, we don’t fair desire to succeed. We desire to win.
To do that, we must be a strong, connected and agile company. Among our endeavor and imaginative priorities, none matters additional than construction a powerful culture, since it’s the basis of everything we desire to achieve. Winning requires us to activity as one team: one company, completely aligned. That method communicating openly and collaborating efficiently throughout all part of the organization.
In-Person Collaboration
We accept in-person collaboration is critical to our civilization and to the achievement of our business. Especially in a imaginative business akin ours, the finest ideas arrive from group in the identical room, sharing perspectives, challenging one another and solving problems. Being together isn’t fair concerning showing up. It’s concerning inspiring one another, learning and coaching, forming friendships and having the informal conversations that spark item great.
With that in mind, we volition clasp a five-day in-office guideline throughout all of Skydance. We really accept this is in the finest involvement of our business and our people. We’ve seen the benefits firsthand at Paramount, and we desire all part of Skydance to portion in them.
While many of you are already in the agency five days a week, we comprehend this may be a important alter to the regular routines of others. To provision you period to scheme and adjust, we volition obtain a phased method by location. You volition obtain roomy notice before changes obtain effect, and we volition activity closely alongside managers to assistance you through the transition.
Voluntary Buyout Program
As we bring our teams together, we acknowledge that not everyone volition see their forthcoming here, and we regard that. To provision eligible workforce the choice to move on in a way that plant for them, we are introducing a Voluntary Buyout (VBO) Program. Those who meet requirements volition obtain an idiosyncratic communication alongside their personalized particulars and terms, and a opening to decide whether to obtain this one-time offer.
We acknowledge this is a important decision, and we desire you to awareness informed and supported. If this applies to you, delight assessment your materials carefully and attain out to your guidance or HR delegate alongside any questions. FAQs and another resources are accessible on the Skydance Integration Hub, and HR assistance is additionally accessible through My Paramount (legacy Paramount employees) or Ask Employee Connection on WBD One (legacy Warner Bros. employees).
Please cognize we don’t obtain any of this lightly. We are apparent concerning what we’re building: a business that tells the stories group about the earth love, embraces new ways to nexus alongside audiences, and leads the next era of media and entertainment. We have the talent, the imaginative firepower and the ambition to do it, and we volition get there together.
Thank you for your commitment, and for the ingenuity and enthusiasm you bring to your activity all day.
Best,
David and Ynon
