US EditionWarner Music Group to Reduce Staff Again, Plans to Invest $300 Million Back Into Music & More
GLOBAL, JUL 1 – Warner Music Group aims to save $300 million annually by cutting $170 million in staff costs to reinvest in artists, acquisitions, and digital tools, CEO Robert Kyncl said.
- Warner Music Group announced on Tuesday, July 1, a plan to reduce annual costs by approximately $300 million through layoffs and expense cuts.
- This restructuring follows multiple layoffs since CEO Robert Kyncl took over in early 2023 and aims to future-proof the company amid industry changes.
- The planned cost savings total approximately $300 million annually, with around $170 million coming from workforce reductions and about $130 million from lowering expenses related to administration and property. A significant portion of these adjustments is expected to take place within the next three months.
- At the same time, WMG revealed a $1.2 billion partnership with Bain Capital aimed at expanding its music catalog holdings and stated that the funds saved from recent cuts would be redirected toward enhancing A&R and merger and acquisition initiatives.
- These steps intend to build a leaner, more efficient company focused on growing artist and catalog development while committing to act with empathy during employee reductions.
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Los Angeles Times+3 Reposted by 3 other sources
Warner Music Group announces $170 million in layoffs as part of larger restructuring plan
Warner Music Group will reduce its headcount by $170 million as a part of a larger plan to restructure and reduce costs. It's unclear how many employees will be impacted by the layoffs.
·Los Angeles, United States
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Warner Music chief announces more job cuts in bid to save $170 million
Warner Music has announced another round of significant downsizing with the aim of saving about $300 million a year in overall costs. $170 million of those savings will come from job cuts, or - in the words of boss man Robert Kyncl - “headcount rightsizing for agility and impact”. So yeah, lots of job cuts. These latest cuts, Kyncl says in a memo to the major’s employees, are the final phase in his mission to “future-proof the company and unlock…
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Total News Sources16
Leaning Left4Leaning Right1Center2Last UpdatedBias Distribution57% Left
Bias Distribution
- 57% of the sources lean Left
57% Left
L 57%
C 29%
14%
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