Sept 19 (Askume) – Warner Music Group (WMG.O) said on Thursday it will lay off about 150 staff, bringing the total to about 100,000, in addition to layoffs earlier this year, as part of a revised strategic restructuring plan to release funds.
In February, Warner Music said it would layoff 600 employees. The company has currently laid off a total of 750 employees.
The layoffs will affect teams including its internal ad sales operations and other support functions.
The company said in a filing that it now expects pre-tax cost savings of approximately $260 million, the majority of which will be achieved by the end of fiscal year 2025, up from a previous estimate of $200 million in savings.
Warner Music said it expects total pre-tax charges related to the program to be approximately $180 million by the end of fiscal year 2024.
The company is trying to cut costs by merging or selling its non-core media assets. In August, the company said top executives leading its recorded music and Atlantic Music Group divisions would resign .
