David Ellisons Skydance unveils employee buyout program, orders five-day return to office

David Ellison’s Skydance is offering voluntary buyouts to employees as the media giant pushes ahead with plans to slash costs following its takeover of Warner Bros.Discovery, according to an internal email obtained by The Post.The media giant is also imposing a five-day return-to-office mandate across its operations, marking another major shakeup for workers as Ellison seeks to streamline the sprawling entertainment empire.

News of the buyout was first reported by the Washington Post.In the Monday memo signed by Ellison and Skydance co-CEO Ynon Kreiz, the former Mattel chief who joined the company earlier this month, executives announced a new voluntary buyout program aimed at eligible employees who may not like the new office policy.“As we bring our teams together, we recognize that not everyone will see their future here, and we respect that,” the email stated.“To give eligible employees the option to move on in a way that works for them, we are introducing a Voluntary Buyout (VBO) Program.”Employees who qualify will receive individualized offers spelling out their terms and a window to decide whether to accept the one-time package.The memo did not specify how many workers would be eligible, how much they would receive or when the program would take effect.The move comes just weeks after Skydance completed its acquisition of Warner Bros.Discovery on Oct.

6, bringing HBO, CNN and Warner Bros.under the same corporate roof as Paramount, CBS and Paramount+.Ellison has pledged to wring at least $6 billion in annual savings from the combination within three years, largely through technology consolidation and layoffs.The aggressive cost-cutting campaign comes as the newly enlarged company shoulders a massive debt burden of about $82.5 billion against $7.9 billion in cash as of June 30.Skydance aims to reduce its debt burden by the end of 2029 while generating more than $10 billion in annual cash flow by 2030 — money that could help pay down borrowings.Elon...