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Grainge says there will be job losses

AS THE SMOKE BEGINS TO CLEAR… In the hours following EC and FTC approval of the UMG-EMI pairing  on Friday, Lucian Grainge clarified some points. “Is this deal worth it? You bet,” he told This Is Money. “We intend to generate cost savings of 100?million. There will be job losses. I can only grow this business by making savings and investing in the product—the artists and the music. But we are creative people and we know how to work with creative people. We know what we’re doing… I refuse to accept the continual decline of the music industry. This deal is about creating growth, to stabilize the business and to make a courageous investment in our future… This is about the future of music, it is a bet on what the future will be—on how music collides with technology in markets and on platforms that have never existed before. We are the glutinous thing that runs through all the technology. Without music, there’s nothing.” (9/24a)

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