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London-Sire heads Peter Koepke and Seymour Stein are in the process of negotiating with WMG as to whether they will stay on in different capacities, take consultancies or leave the company.

LONDON-SIRE'S BURNING

WMG Downsizes Another Label
Another shoe dropped today in an industry that continues to consolidate.

Sources say nearly 45 people from London-Sire will be let go today (12/14) as part of the ongoing Warner Music Group restructuring. The label will be shuttered by the end of the year. The move had been expected.

London-Sire heads Peter Koepke and Seymour Stein are in the process of negotiating with Warner Music Group as to whether they will stay on in different capacities, take consultancies or leave the company. Artists signed to the label will be shifted to other WMG units or allowed to walk.

Since its inception, the combined London-Sire has had little artist development and was losing money for the parent company.

London Records U.S. was a joint venture beween Roger Ames and UMG. When Ames made the move to Warner Music Group, London U.S. was shuttered, and London U.K. was sold by Ames to WMG as part of his coming to Warner. London U.K. is still up, running and healthy under Ames' former partner, Tracy Bennett.

Once he was in place at WMG, Ames merged London with Sire, which had previously stood alone under the WMG banner, to help boost the newco's marketshare. Koepke was named London-Sire head, and Sire chief Stein stayed on in an executive capacity.

Under legendary talent scout Stein, the Sire Records imprint flourished during the '70s and '80s while part of Warner Bros. Records. Stein signed Madonna and Hall of Famers Talking Heads and Ramones, not to mention the world's only hebe-hop band, M.O.T.

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