Skydance, as it embarks on work to integrate the activities of Paramount and Warner Bros. Discovery, offers certain employees a voluntary buyout as part of a “one-off offer”.
The new program was outlined Monday by Chairman and CEO David Ellison and Co-CEO Ynon Kreiz in a memo to staff.
“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 opportunity to grow in a way that works for them, we are introducing a Voluntary Buyout (VBO) program,” the executives wrote. “Those who qualify will receive individual communication with their personalized details and terms, as well as a window to decide whether or not to accept this unique offer.”
They added: “Please know that we don’t take any of this lightly. We are clear about what we are building: a company that tells the stories people around the world love, that embraces new ways to connect with audiences, and that 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.”
The massive takeover of Warner Bros. Discovery by Paramount for $111 billion closed on October 6. In their “Day One” memo to employees that day, Ellison and Kreiz (who was Mattel’s CEO before joining the new Skydance earlier this month) acknowledged that layoffs would be part of the process. “The integration of two companies will result in changes, including difficult decisions that will affect our workforce,” the executives write in this memo. “We are committed to managing this process in a thoughtful and respectful manner. »
In the Oct. 26 memo, Ellison and Kreiz also said the new Skydance would move to a mandatory five-day-a-week in-office policy companywide. “We believe that in-person collaboration is essential to our culture and the success of our company. Especially in a creative company like ours, the best ideas come from people in the same room, sharing perspectives, challenging each other, and solving problems,” the executives said. “We truly believe this is in the best interest of our company and our people. We have seen the benefits of Paramount and we want every part of Skydance to benefit.”
Skydance executives have said they aim to achieve more than $6 billion in cost savings on an annual basis within three years, and that some of that will come from layoffs. The company has not yet revealed the scale of the job cuts it plans. According to a report released in August by Los Angeles County, the Paramount-Warner Bros. merger. could result in the loss of some 4,500 film and television jobs over three years in Los Angeles alone.
Read the full memo sent Monday from Skydance’s top brass, a copy of which was obtained by Variety:
Team,
At Skydance, our goal is to build a next-generation media and entertainment company, powered by creativity and technology. We are creative-first, audience-focused, tech-forward, and global. And in a world where choices are endless and competition is fierce for attention, we don’t just want to succeed. We want to win.
To achieve this, we must be a strong, connected and agile company. Among our business and creative priorities, the most important is building a strong culture, because it is the foundation of everything we want to achieve. To win, we must work as one team: one company, fully aligned. This means communicating openly and collaborating effectively across all parts of the organization.
In-person collaboration
We believe in-person collaboration is essential to our culture and business success. Especially in a creative business like ours, the best ideas come from people in the same room, sharing perspectives, challenging each other, and solving problems. Being together isn’t just about showing up. It’s about inspiring each other, learning and practicing, building friendships and having casual conversations that spark something great.
With this in mind, we will be adopting a five-day in-office policy across Skydance. We sincerely believe that this is in the best interest of our company and our employees. We’ve seen the benefits of Paramount and we want every part of Skydance to benefit.
Although many of you are already in the office five days a week, we understand that this may be a significant change to others’ daily routines. To give you time to plan and adapt, we will take a phased approach by location. You will receive sufficient notice before the changes come into effect and we will work closely with managers to support you through the transition.
Voluntary Buyback Program
By bringing our teams together, we recognize that not everyone will see their future here, and we respect that. To give eligible employees the opportunity to grow in a way that suits them, we are launching a Voluntary Buyout (VBO) program. Those who qualify will receive one-on-one communication with their personalized details and terms, as well as a window to decide whether or not to accept this unique offer.
We recognize that this is an important decision and we want you to feel informed and supported. If this applies to you, please review your documents carefully and contact your management or human resources representative with any questions. FAQs and other resources are available on the Skydance Integration Hub, and HR support is also available through My Paramount (former Paramount employees) or Ask Employee Connection on WBD One (former Warner Bros. employees).
Please know that we do not take any of this lightly. We’re 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 power and the ambition to achieve this, and we will achieve it together.
Thank you for your commitment, as well as for the creativity and passion that you bring to your work every day.
Best,
David and Ynon
Gn entert
