Edgar Bronfman’s investment group closed its $2.6 billion purchase of Warner Music Group yesterday, and the action started immediately. The deal announcement was followed by the exit of Elektra boss Sylvia Rhone and Atlantic Co-Chairman/Co-CEO Val Azzoli and Co-President Ron Shapiro. The departing bosses are expected to be followed out the door by 20% of WMG’s worldwide staff, which amounts to around 1,000 people.
Most of the cuts are expected to come from non-U.S. operations, but there will be significant headcount reductions at the Elektra,
The consolidation of Warner Music is part of a plan to cut costs by some $200-300 million annually. The Wall Street Journal reports that the one of the big question throughout the process, Roger Ames’ future, has been answered—the paper expects
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