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.
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