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Universal Music Group to Lay Off ‘Hundreds’ in First Quarter
After weeks of rumors, Universal Music Group confirmed that it will lay off an unspecified but significant number of employees in the coming weeks
A Universal rep said in a statement: “We continue to position UMG to accelerate its leadership in music’s most promising growth areas and drive its transformation to capitalize on them. While we maintain our industry-leading investments in A&R and artist development, we are creating efficiencies in other areas of the business so we can remain nimble and responsive to the dynamic market, while realizing the benefits of our scale.” Universal is hardly the only major to be hit with layoffs in recent months: Warner reduced staff by around 4% in March and new CEO Robert Kyncl laid out plans in an internal memo last week for a broad change in the company’s focus over the next 10 years, and sources tell Variety that layoffs at Sony Music, the third major music group, may be imminent as well.
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