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Media

Warner Music to cut additional 150 jobs in restructuring push

By
Reuters
Published Sep. 19, 2024, 7:33 p.m. ET

Warner Music Group said on Thursday it would lay off about 150 employees, in addition to its earlier job cuts this year, totaling to about 13% 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. The company is now laying off a total of 750 employees.

The job cuts are set to impact teams such as its in-house ad sales business and other support functions.

Dua Lipa
The job cuts at Warner, home to Dua Lipa, will impact teams such as its in-house ad sales business and other support functions. Anthony Harvey/Shutterstock

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 Group logo
Warner cut 600 employees – about 10% of its workforce – in February.

Warner Music 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.