Warner Music, one of the main American music companies, has announced a drastic measure that will affect a significant part of its workforce. According to company disclosures, at least 10% of its team will be laid off. This decision is part of a cost reduction plan that seeks to generate savings of at least 200 million dollars.
As a result of this measure, it is expected that around 600 employees will be separated from the company. Robert Kyncl, CEO of Warner Music, explained that this plan aims to free up funds to reinvest in the music field and also accelerate the company’s growth in the next decade.
The workforce reduction will mainly affect the media, central offices and support functions sectors. In addition, the company, which since 2011 has been in the hands of the Access Industries fund, has announced that it is in exclusive negotiations for the possible sale of two of its news and entertainment sites, Uproxx and HipHopDX.
Warner Music is known for representing a variety of internationally recognized artists, including the likes of Cardi B, Gorillaz, Missy Elliott, Phil Collins, Eric Clapton and Ed Sheeran.
2024-02-13 03:18:22
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