WBD - Universal Music Group Announces Major Layoffs Amid $271M Strategic Overhaul | Benzinga
Universal Music Group NV (OTC: UMGNF) announced a "strategic organizational redesign" during its fourth-quarter earnings call, aiming for "efficiencies in targeted cost areas while strengthening labels' capabilities to deepen artist and fan connections," as stated in a press release.
UMG announced cuts would yield savings of 250 million euros ($271 million) by the end of 2026, although the precise number of individuals impacted was not disclosed, Billboard reported.
Chairman/CEO Lucian Grainge said: "To put it simply, we're creating the blueprint to the music company and the labels of the future," promising ...