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.

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 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. (Reporting by Juby Babu in Mexico City; additional reporting by Gursimran Kaur, Editing by Alan Barona)


Reuters