Warner Music Group logo displayed on a smartphone.
soup images | Light rocket | fake images
Warner Music is laying off 600 employees, or about 10% of its workforce, according to a statement Wednesday.
The company said the layoffs are part of a broader restructuring plan aimed at saving costs to invest in more music and “accelerate the company's growth for the next decade.” The layoffs are expected to save the company $200 million by the end of fiscal 2025.
The majority of the savings will go toward increasing investment in Warner Music's core music units and new technologies.
According to the document, the job cuts will focus on teams such as the internal advertising sales business and other “various support functions.” The company expects to complete its $85 million in severance payments by the end of 2026.
Don't miss these CNBC PRO stories:
