(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