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Warner Music to cut 750 jobs in restructuring push
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Warner Music to cut 750 jobs in restructuring push
Sep 27, 2024 11:05 PM

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.

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