500 cut on Thursday.
Published:
23 January 1999 y., Saturday
Universal Music Group gave pink slips to 500 U.S. employees Thursday in the first of several planned, seen eventually totaling 3,000 worldwide, as the company absorbs PolyGram NV, sources said. "While change is always difficult, the restructuring of the labels is necessary for us to be more competitive, develop artists_ careers, and pave the way for meaningful growth in the future," Universal Music, a unit of Seagram Co. Ltd., said in a statement Thursday. The move comes as Seagram seeks to trim $300 million in annual costs and turn itself into the world_s biggest music operation. The restructuring also is affecting hundreds of artists, industry sources said. The combined Universal-PolyGram music business boasts artists ranging from Elton John to Herbie Hancock to U2. These moves will affect 250 people in coming months in addition to the 500 cut on Thursday. The $10.4 billion merger vaults Universal Music to first place in the world, with a market share of about 23 percent globally and about 25 percent in the United States. Annual sales are estimated at $5 billion.
Šaltinis:
Internet
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The European Commission today concluded on the existence of excessive deficits in Cyprus, Denmark and Finland and recommended deadlines for their correction to the Council.
more »
Over 2000 former construction workers in Spain and nearly 600 ex-employees of Irish glass company Waterford Crystal and its suppliers will receive a total of €11 million in aid from the EU Globalisation Adjustment Fund to help with training, business start-ups and job guidance under plans agreed by MEPs and the Council of Ministers.
more »
MEPs on Tuesday decided six top priorities and a number of additional key issues for the upcoming negotiations on the 2011 budget.
more »
The EU-China Science and Technology Week starts today at the heart of World Expo Shanghai.
more »
European Climate Action Commissioner Connie Hedegaard and European Investment Bank President Philippe Maystadt agreed on Monday to explore a joint climate finance initiative for developing countries as part of the European Union commitment made at the UN climate conference in Copenhagen last December.
more »
Sustainability, competitiveness and security of energy supply: the three pillars to the foundation of a new EU energy community.
more »
EU Trade Commissioner Karel De Gucht and Palestinian Minister of National Economy Hasan Abu-Libdeh today discussed measures to enhance EU-Palestinian bilateral trade relations and to facilitate trade of Palestinian products to EU markets.
more »
Some of the most innovative and exciting transport research projects funded by the EU are being showcased at the Transport Research Arena (TRA) in Brussels this week.
more »
Nowadays we rely heavily on satellite positioning and navigation, but the only available technology is American.
more »
The European Commission will reveal how it aims to revamp its transport networks policy in response to the challenges of the 21st century at a conference dedicated to the Trans-European Transport Network (TEN-T) in Zaragoza on 8 and 9 June.
more »