The Warner Music Group is expected to begin issuing pink slips today (March 2) in a process that could play out over the next month. Some 1,000 employees around the world are being cut as WMG’s new owners strive for a projected $225 million in cuts.
As previously reported, many of the U.S. cuts will come through the merger of WMG’s two big East Coast labels, Elektra Entertainment and the Atlantic Group. According to sources, the new combined Elektra/Atlantic operation will have a staff with about 200-250 people, down from the 410 or so currently employed by the two label groups.
Elsewhere at WMG’s U.S. operations, Warner Bros. Records will cut about 50 staffers; WEA will cut 50-80 staffers; and publishing giant Warner /Chappell Music will also ax about 50-80.
Sources say Atlantic co-CEO Val Azzoli and co-president Ron Shapiro, as well as Elektra chairman Sylvia Rhone, were all informed Monday (March 1) that they were being let go.
The purchase of WMG by an investment group led by Edgar Bronfman Jr. closed Monday.
