Skydance offers voluntary buyouts and orders five-day office return after Warner Bros. Discovery deal

Employees who qualify will receive individual terms and a window to decide, according to the memo, which Variety and The Hollywood Reporter published. It did not say how many workers are eligible. The office policy will be phased in by location; Paramount already required staff to work in the office five days a week, the Los Angeles Times reported.

Paramount's $111 billion takeover of Warner Bros. Discovery closed on Oct. 6. Skydance executives have set a target of more than $6 billion in annualized cost savings within three years and have said layoffs will be part of the integration, though not the main source of savings, Variety and The Hollywood Reporter reported.

Why it matters: The buyouts are the first formal step toward shrinking the combined workforce of two of Hollywood's largest studios. A report commissioned by Los Angeles County in August estimated the merger could eliminate about 4,500 film and television jobs in the county over three years.