Employees at 21st Century Fox are to be offered “generous” benefit packages if they resign voluntarily as the Rupert Murdoch-controlled company aims to reduce costs by about $250 million.

“Some colleagues from Fox Networks Group and 20th Century Fox will be offered a generous benefit package if they opt to voluntarily leave the company,” a Fox spokesperson said in a statement.

The Rupert Murdoch-owned film and TV company is reportedly targeting $250 million in cost cuts in fiscal 2017, which starts in July.

Fox had about 20,500 full-time employees as of June 30th 2015.

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