Warner Music Group to cut 1,000 jobs

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NEW YORK (NYSE Website) - Nearly 20 percent of Warner Music Group's global work force - or about 1,000 jobs - will be cut following Time Warner's sale of the company to Edgar Bronfman Jr. on Monday (March 1). Bronfman and an investor group paid $2.6 billion for the company. Warner Bros.
Such cuts were widely expected as far back as late November when the deal was first announced. Several key Warner Music executives were reportedly quick to step down upon the deal's closing, and Bronfman's team is not expected to waste time in cutting as much as 20% of its new company's workforce in trying to generate as much as $300 million in cost savings.

The number of major labels is potentially poised to shrink further. A deal between Sony's music division and Bertelsmann's BMG, for example, is currently under review by European regulators. So, there may be an advantage to getting an updated organizational structure in place quickly.