As companies look at cutting costs, NBC Universal is considering an offer of early retirement benefits to senior staff. Although no formal announcement has been made, as yet, sources say that the company is planning to offer these benefits to those who are 57 and above. NBCUniversal was already considering the cutting of its 10 p.m. primetime programs.
Sources informed The Hollywood Reporter about the cost cutting measures. Those who have served for 10 years and those who are 57 and above will be given a generous offer of pay for 12 to 18 months. If these employees have restricted stocks, NBCU will vest.
Sources also say that the move will involve about 2 percent of the company. It will be considered for employees in all divisions including film, TV, theme parks and more. This early retirement scheme is voluntary and could not only cut costs but also decrease layoffs. This method of early, voluntary retirement is expected to start next week.
Warner Bros and other companies have also been laying off staff, in September. Axios had reported that approximately 1,000 employees of its ad sales team, which is about 30 percent of the team, were laid from both WarnerMedia and Discovery, after their merger, mid year.
NBCUniversal is also considering cutting its 10 p.m. programming. This will save a lot of money and has been considered through years, but the prime time programs continue. If local affiliates fill the primetime spot the network will save millions of dollars in programming costs.
Bob Greenblatt, who is a former NBC entertainment president, said that the executives had a conversation on cutting the 10 p.m. original programs every 18 months, when he was at NBCU.
NBCU has been cutting staff since it made its streaming platform Peacock a priority. However, success of a mega hit for the streaming platform is still elusive. Many media companies have seen their stocks fall this year. NBCU has seen its stock fall from more than $45 to about $30.50.
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