Warner Music to cut additional 150 jobs in restructuring push
Recasts, adds background in paragraphs 1-2
Sept 19 (Reuters) -Warner Music Group WMG.O said on Thursday it would lay off about 150 employees, in addition to its earlier job cuts this year, totaling to about 13% of its workforce as part of a revised strategic restructuring plan to free up funds.
In February, Warner Music said that it would cut 600 employees. The company is now laying off a total of 750 employees.
The job cuts are set to impact teams such as its in-house ad sales business and other support functions.
The company now expects pre-tax cost savings of about $260 million, the majority of which will be achieved by the end of fiscal 2025, up from its earlier estimate of $200 million in savings, it said in a filing.
Warner Music said it expects to incur about $180 million of total pre-tax charges associated with the plan by the end of fiscal 2024.
The company has been trying to cut costs by combining or disposing of its non-core media properties. In August, it said that executives leading its Recorded Music and Atlantic Music Group units would step down.
Reporting by Juby Babu in Mexico City; additional reporting by Gursimran Kaur, Editing by Alan Barona
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