Amid heavy debt loads, advertising declines and competition from streaming, stations are eliminating often highly paid a.m.-drive talent.
A spokesperson for the radio giant, which filed for Chapter 11 bankruptcy restructuring in January, says the reductions will "best position our company for long-term growth.”
After months of signaling, the world's leading record label finally began cutting jobs this week.
Department heads in promotion and communications at Interscope and Def Jam are among those who have been let go.
With leaner staffs, “you either need to spread your remaining staff more thinly or serve a smaller roster,” one executive says.
In an earnings call today, UMG said the cuts would result in 250 million euros ($271 million) in savings by the end of 2026. The number of people affected was not disclosed.
Chair/CEO Julie Greenwald said the layoffs will be "primarily happening in our radio and video teams," adding that new hires will come on in digital and social media roles.
Layoffs are required to become "even more efficient, agile, and flexible," said CEO Jennifer Witz.
Warner Music will sell its owned and operated media properties such as Uproxx and HipHopDX in order to reinvest $200 million in other parts of the company.
Media business layoffs are hitting the music industry, with more to come from Universal Music and perhaps other labels.
