Warner Music Group (WMG) has announced a significant new round of layoffs as part of a sweeping restructuring and cost-savings initiative. The news comes from a staff memo from CEO Robert Kyncl that went out to staff today, July 1.
This move marks yet another major workforce reduction at the company, which has undergone several rounds of layoffs and reorganization since Kyncl assumed his leadership role in 2023.
While the exact number of employees affected in this latest round has not been disclosed, a Securities & Exchange Commission memo details that WMG aims to achieve approximately $170 million in savings through workforce reductions. This is part of a broader plan to cut annual costs by $300 million, with the remaining $130 million coming from reductions in administrative and real estate expenses.