HBO offers voluntary buyouts to older employees – Variety

HBO has begun offering voluntary buyouts to older employees who have been working in the company for at least 10 years.

"In the interest of cost and operational efficiency, HBO has offered voluntary early retirement options to a segment of its employees," the company said in a statement.

HBO sources pointed out that buyouts are offered on a voluntary basis. The decision to remove some staff positions was taken by HBO executives and was not a directive of WarnerMedia or AT & T parent companies. The details of the buyout offers were not yet clear, but a source familiar with the situation described them as generous with a phased payment depending on the position and duration of the business.

"You hope that when you do that, you give those people who have been so loyal and with such a contribution the opportunity to leave stylishly," said an HBO source. "We take care of our people."

The redemptions reflect HBO and WarnerMedia's greater efforts to badyze its spending and resource allocation, while HBO is facing an exponential increase in competition in the high-end television market. HBO, like all other major media companies, is looking for ways to operate more effectively by reworking and revisiting well-established practices designed for a very different era of television.

It is unknown how many employees may be eligible for redemptions. HBO is known to have many employees with long durations.

(Michael Schneider contributed to this report.)