Universal Music Group, Home Of Taylor Swift, Olivia Rodrigo, Starts Layoffs – Reports

deadline.com:

UPDATE: As expected, layoffs commenced today at Universal Music Group, which includes Interscope, Republic, Capitol, Def Jam and Island, as well as catalog division Universal Music Enterprises and UMG corporate.

The layoffs started after Wednesday’s fourth quarter earnings call, where CEO Lucian Grainge talked of a “strategic organizational redesign.” EARLIER: Universal Music Group is planning what may become hundreds of job cuts to its recorded music division in its first quarter, according to numerous reports.

A company spokesperson confirmed the layoffs on Friday, but did not say how many were anticipated. The company has more than 11,000 employees worldwide.

If the layoffs occur, UMG would join a growing list of media and tech companies that have cut overhead. Warner Bros. Discovery, Disney, NBCUniversal, Google and others have already trimmed.