Warner Music to cut 750 jobs in restructuring push
Warner Music Group plans to lay off approximately 750 employees, representing 13% of its workforce, as part of a strategic restructuring to save costs. This follows a previous announcement in February to cut 600 jobs. The company aims for significant pre-tax cost savings, with most expected by the end of fiscal 2025. Warner Music anticipates incurring pre-tax charges related to this plan and is also working to streamline its non-core media properties.
Sept 19 (Reuters) - Warner Music Group (WMG.O) 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.
In February, Warner Music said that it would cut 600 employees - about 10% of its workforce.
The job cuts will impact teams such as its in-house ad sales business and other support functions.
The company now expects pre-tax 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 pre-tax 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 non-core media properties. In August, it said that executives leading its Recorded Music and Atlantic Music Group units would step down.