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A group of CNN veterans — among them camera operators and fact-checkers — have opted to take voluntary buyouts as part of an offer spurred by Skydance’s acquisition of Warner Bros. Discovery, according to four people
familiar with the matter.
The deadline for these employees to accept the buyout came Sunday, according to these people. Skydance and CNN declined to make executives available for comment.
Skydance offered voluntary buyouts across the company once it completed its months-long quest to purchase Warner. The company has $80 billion in debt and has pledged to find $6 billion in operational savings over the course of three years. The buyout offer varies according to the business unit in which it is offered, one of these people said. At CNN, according to two of these people, buyouts were offered to people who were in vice president roles or levels below and had more than 15 years of service.
CBS News staffers are also mulling buyout offers, according to three people with knowledge of the matter, but some of their acceptance deadlines are staggered.
The number of people accepting buyouts at CNN isn’t believed to be excessive, but there are some staffing units where more people took them. There are a number of longtime camera operators at CNN who have been with the company for three decades or more, and who may be their 50s or 60s. There are also some veterans who work in a group that works in a central news unit that reviews scripts and stories ahead of them being put on air.
CNN staffers have not had a similar buyout offer in about seven years, according to one of these people, which means a greater number of employees may be interested in such an opportunity.
Skydance, which is slated to report its first quarter of earnings following its merger, is no doubt being scrutinized to see how it manages staff reductions, says Mike Proulx, vice president and research director at Forrester Research. “The newly merged Skydance comes with massive debt that remains at the center of concern over the company’s ability to profitably grow,” he said. “How will the company reach its cost-synergy target without weakening content quality, theatrical output, and journalistic integrity, while at the same time investing in future innovation?”
