Warner Music Sees More Layoffs in Restructuring Push

Dow Jones05:34

By Sabela Ojea

Warner Music said it expects to lay off more employees than it originally expected as part of its restructuring plan.

The entertainment and record label conglomerate on Thursday said that it will reduce its workforce by about 750 employees, representing 13% of its total headcount. The company had most recently guided for 600 employees, or a 10% cut in the workforce.

The majority of the cuts are still expected to be related to the O&O Media Properties, corporate and various support functions, Warner Music said.

Warner Music added that it now expects to book pre-tax restructuring charges of $210 million, up from an original estimate of $140 million.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

September 19, 2024 17:34 ET (21:34 GMT)

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