WARNER Music Group said on Thursday it would lay off about 150 employees, in addition to its earlier job cuts this year, totaling to about 13 percent of its workforce as part of a revised strategic restructuring plan to free up funds.
In February, Warner Music said that it would cut 600 employees. The company is now laying off a total of 750 employees.
The job cuts are set to impact teams such as its in-house ad sales business and other support functions.
The company now expects pretax cost savings of about $260 million, the majority of which will be achieved by the end of fiscal 2025, up from its earlier estimate of $200 million in savings, it said in a filing.
Warner Music said it expects to incur about $180 million of total pretax charges associated with the plan by the end of fiscal 2024.
The company has been trying to cut costs by combining or disposing of its noncore media properties. In August, it said that executives leading its Recorded Music and Atlantic Music Group units would step down.
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