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 World Bank is seeing a surge in demand from borrowers seeking the Bank’s expertise to mitigate currency and interest rate risk.
more »
The European Commission has approved under EU state aid rules a Lithuanian package intended to stabilise the markets as a response to the global financial crisis.
more »
Total cereal production in 2010 should be close to the average from the last five years. While the yield per hectare will be 5% above average, overall cultivated areas have decreased.
more »
According to the unaudited data, AB Bank SNORAS profit prior to provisions and tax exemption within the first half of this year comprised LTL 51 million, the bank formed almost LTL 48 million provisions.
more »
The European Commission today approved two applications from Denmark for assistance from the EU Globalisation Adjustment Fund (EGF).
more »
The European Investment Bank today signed two loans for a total amount of EUR 150 million in support of small and medium-sized enterprises (SMEs) in Turkey.
more »
On 23 July 2010 the Board of the Bank of Lithuania permitted Bank SNORAS to register a change to the articles of association related to the increase of the authorized capital of the bank by LTL 82.3 million up to LTL 494,217,107.
more »
Heads of State and top officials from the Central American Integration System and World Bank Group President, Robert B. Zoellick, agreed to join efforts towards regional cooperation and integration and adopted a comprehensive agenda that includes an action plan with more than 20 specific measures.
more »
The Executive Board of the International Monetary Fund (IMF) today approved the full cancellation of Haiti’s outstanding liabilities to the Fund, of about SDR 178 million (equivalent to US$268 million).
more »
The Executive Board of the International Monetary Fund (IMF) today completed the third review of Latvia's performance under an economic program supported by a Stand-By Arrangement (SBA).
more »