- Warner Music announced 600 layoffs in a plan to restructure the company and cut costs.
- The company expects the layoffs to save about $200 million in costs.
Warner Music is laying off 600 employees, or about 10% of its workforce, according to a Wednesday filing.
The company said the layoffs are part of a broader restructuring plan aimed at saving costs to invest in more music and “accelerate the company’s growth for the next decade.” The layoffs are expected to save the company $200 million by the end of fiscal 2025.
The majority of the savings will be allocated toward increasing investment in Warner Music’s core music units and new technologies.
According to the filing, the job cuts will be concentrated in teams such as the in-house ad sales business and other “various support functions.” The company expects to complete its $85 million in severance payments by the end of 2026.
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Source: Business - cnbc.com
