Fox to offer employees buyouts to save $250 million in costs

Mon Feb 1, 2016 3:49pm EST
 
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(Reuters) - Twenty-First Century Fox said it would offer some of its employees voluntary exit options with "generous" benefit packages, with the aim of reducing costs by about $250 million.

"Some colleagues from Fox Networks Group and 20th Century Fox will be offered a generous benefit package if they opt to voluntarily leave the company," a Fox spokesperson said in an e-mailed statement on Monday.

The Rupert Murdoch-controlled film and TV company is targeting $250 million in cost cuts in fiscal 2017, which starts in July, another company spokesman said by phone.

Fox had about 20,500 full-time employees as of June 30, 2015.

The news was first reported by the Wall Street Journal.

Fox's shares were up about 0.6 percent at $27.12 in late afternoon trading.

(Reporting by Alan John Koshy in Bengaluru; Editing by Savio D'Souza)

 
The flag of the Twenty-First Century Fox Inc is seen waving at the company headquarters in the Manhattan borough in New York June 11, 2015. REUTERS/Eduardo Munoz