🧵 1/ Warner Music Group (WMG) to expand layoffs to boost core music operations, aiming for cash unlocking in updated restructuring plan. #business
🧵 1/ Warner Music Group (WMG) to expand layoffs to boost core music operations, aiming for cash unlocking in updated restructuring plan. #business
🧵 2/ The company plans to reduce staffing by 13% - 750 employees, beyond initial 10% layoff target, with job cuts mainly in media properties.
🧵 3/ Warner Music aims for pre-tax cost savings of $260 million by fiscal 2025, up from $200 million target, with focus on advertising sales and support functions.
🧵 4/ Shares of Warner Music dip 0.8% in early trading Friday, declining 15% year to date as restructuring efforts and layoffs continue.
🧵 5/ Layoffs at Warner Music Group revealed as part of broader restructuring strategy, impacting workforce and striving for enhanced financial performance.
🧵 Read more at: https://www.investopedia.com/warner-music-expands-layoffs-in-restructuring-push-8715767