Warner Music to cut 750 jobs in restructuring push

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