Sept 19 (Reuters) - Warner Music Group ( WMG ) 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 ( WMG ) 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 ( WMG ) 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.