Discovery CommunicationsInc. is offering voluntary buyouts to its U.S. employees as part ofits cost-savings plan.
The cost-savings plan, which the company expects to implementcompletely by the end of the third quarter, will include personnel adjustments,restructurings and budget reallocations.
The company expects to incur $40 million to $60 million in expensesfor severance pay and other costs relating to personnel adjustments, according toa Form 8-K filed May 4. The company is also planning additional actions to reduceits non-personnel costs.
The cost-cutting initiatives will help the company invest in"four key areas: more loved content; sports and other valuable IP; digitalservices and OTT products; and international growth markets," Discovery Presidentand CEO David Zaslav said in an internal memo to employees.