Warner Music to lay off more employees in restructuring drive
Warner Music (NASDAQ:WMG) is now expecting to lay off more employees than it originally planned as part of a restructuring drive to free up more funds to invest in its core music business and accelerate its growth for the next decade.
Warner Music Expands Layoffs in Restructuring Push
KEY TAKEAWAYS Warner Music Group said it is going to increase its planned layoffs as part of an updated restructuring plan aimed at freeing up cash to boost its core music operations.The entertainment company said it would reduce its staff by about 750 employees or 13% of its total headcount,
Warner Music to cut additional 150 jobs in restructuring push
Warner Music Group said on Thursday it would lay off about 750 employees, or 13% of its workforce, as part of a revised strategic restructuring plan to free up funds.
Warner Music Sees More Layoffs in Restructuring Push
The majority of the cuts are still expected to be related to the O&O Media Properties, corporate and various support functions, Warner Music said. Warner Music added that it now expects to book pre-tax restructuring charges of $210 million, up from an original estimate of $140 million.
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Warner Music Increases Layoff Plans
The entertainment conglomerate now expects to cut its workforce by 13%, or about 750 employees—up from a 10% reduction.
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