Layoffs Begin As Universal Music Takes Over EMI

October 29, 2012 at 2:24 pm Leave a comment

6a00d83451b36c69e2017c32e7f359

Source: Hypebot

As expected, layoffs have begun as Universal Music Group begins it's takeover of EMI  10 staffers were let go late last week in EMI's Nashville label offices along with another 50 in distribution.  Other staffers were warned they will lose their jobs in the next 30 to 120 days, according to multiple sources.  But this is likely just the start of deeper cuts.

At the time of the purchase, UMG chairman and CEO Lucian Grainge said that he anticipated cost savings of $162 million from a combined UMG and EMI.

Most top executives at both companies are apparently safe for now. Analysts speculate that, for now at least, the cuts at EMI may not be massive.  EMI staffing is already lean by major label standards. Terra Firma implemented wholesale layoffs of 1500 from a 5500 global workforce after it's 2007 takeover. Most expect the deepest cuts to come from sales and distribution. Additional layoffs in UMG's EU distribution operations are already being planned for the spring or summer of 2013, according to Billboard

Several EMI distribution executives have reportedly been offered new positions at Universal Music Group Distribution. The included SVP Sales John Nicholas, who has been offered a senior catalogue position, and Joan Kan,  who will become label liaison for Capitol.

Advertisements

Entry filed under: Uncategorized.

Apple To Launch Free Music Streaming In Q1 2013, Pandora Stock Drops 12% PRESS RELEASE: Venzo Digital Selected by AlwaysOn as one of the OnHollywood 100 Companies to Watch

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed


Calendar

October 2012
M T W T F S S
« Sep   Nov »
1234567
891011121314
15161718192021
22232425262728
293031  

Most Recent Posts


%d bloggers like this: