WARNER Music Group said on Thursday it would lay off about 750 employees, or 13 per cent 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 per cent 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 US$260 million, the majority of which will be achieved by the end of fiscal 2025, up from its earlier estimate of US$200 million in savings, it said in a filing.
Warner Music said it expects to incur about US$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. REUTERS
