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
PRE-GRAMMY GALA GOES GAGA FOR GERSON
Jody will be the center of attention at Clive's shindig. (12/18a)
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NOW WHAT?
We have no fucking idea.
COUNTRY'S NEWEST DISRUPTOR
Three chords and some truth you may not be ready for.
AI IS ALREADY EATING YOUR LUNCH
The kids can tell the difference... for now.
WHO'S BUYING THE DRINKS?
That's what we'd like to know.
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