2023-03-29 09:37:30 ET
- Warner Music Group ( NASDAQ: WMG ) is reportedly laying off 270 positions - about 4% of its global staff - as part of a move to "evolve" to take advantage of future opportunities.
- New CEO Robert Kyncl announced the moves to staff in an email, according to Variety .
- It's "not a blanket cost-cutting exercise," but rather moves made "thoughtfully ... in order to set us up for long-term success," the report cites Kyncl as saying.
- Along with the cuts, "we’re reallocating resources towards new skills for artist and songwriter development and new tech initiatives. We’re also reducing discretionary spending and open positions to provide us with additional flexibility for our future," Kyncl said.
- WMG stock ( WMG ) has risen 0.9% out of Wednesday's market open.
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Warner Music reportedly cutting 4% of global staff