9:58pm PT by Rick Porter
Veteran HBO Employees Offered Early Retirement
Some HBO employees are being offered buyouts as parent company WarnerMedia looks for "efficiencies" and cost savings.
The offers of early retirement came to a group of workers at the premium cable outlet. They are voluntary and would apply to employees who are both age 55 or older have worked at the company for at least 10 years.
"In the interest of costs and operating efficiencies, HBO has offered voluntary early retirement packages to a segment of our employees," the company said in a statement.
The buyout offers came a few days after HBO and other employees of parent company WarnerMedia received a memo from CEO John Stankey about a companywide effort to "maximize efficiencies to enable innovation and investment." At the moment, HBO — one of WarnerMedia's more profitable divisions — is the only unit of the company where people are being offered the early retirement packages.
The offers come several months after AT&T merged with HBO parent Time Warner and created WarnerMedia. The new company has rolled out plans for a streaming service featuring original programming along with library content from HBO and other Warner brands. Turner chief creative officer Kevin Reilly will have the same title with the yet-unnamed service.
The company also plans to sell and lease back 1.4 million square feet of office space in Manhattan's Hudson Yards development, a move that could be worth as much as $2 billion while still allowing employees to move into the new offices on schedule.
Deadline first reported the news.