EMI Cuts Roughly 2,000 Jobs, Saves £200Mil, Releases Kottonmouth Kings’ Greatest Highs Compilation
By Ryan - Tuesday January 15th 2008 |
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From BusinessWeek:
Music giant EMI is to axe up to 2,000 jobs as part of a drive to save £200 million a year, its new private equity owner said today.
The cuts, which could affect up to a third of its workforce, will be focused on the group’s recorded music division.
Terra Firma, which bought the group for £3.2 billion last year, said the cuts were needed because EMI had been “struggling to respond to the challenges posed by a digital environment”.
With 5,500 jobs on the line at present (several of them in Southern California) and only 1/3 of the layoffs predicted to occur within the UK, let us all hope and pray that someone – or thing – will continue to send a certain Los Angeles-based music website all pertinent back catalog re-releases, remasters and compilations as they become available, following the layoffs. In related news, EMI drops Kottonmouth Kings: Greatest Highs on the street today.
