This year’s restructuring plan has reduced WMG’s head count by 750 and will save $260 million annually.
Warner Music CEO Robert Kyncl announced that additional employees will be departing the label as Elliot Grainge prepares to take over as CEO.
The cuts impact more than 100 employees as the audio company puts off the release of two major new products
As companies like Universal Music Group and SiriusXM hit rough patches on certain metrics, cost-cutting has helped their bottom lines.
Amid heavy debt loads, advertising declines and competition from streaming, stations are eliminating often highly paid a.m.-drive talent.
A spokesperson for the radio giant, which filed for Chapter 11 bankruptcy restructuring in January, says the reductions will "best position our company for long-term growth.”
After months of signaling, the world's leading record label finally began cutting jobs this week.
Department heads in promotion and communications at Interscope and Def Jam are among those who have been let go.
With leaner staffs, “you either need to spread your remaining staff more thinly or serve a smaller roster,” one executive says.
In an earnings call today, UMG said the cuts would result in 250 million euros ($271 million) in savings by the end of 2026. The number of people affected was not disclosed.
