WSJ: EMI Set To Cut 1/3 Of Its Staff
January 14, 2008 at 5:29 AM (PT)
EMI, bought by private equity firm TERRA FIRMA last year, is set to announce TODAY plans to cut as much as one-third of its 6,000 staff, slash marketing costs and drop artists as part of a restructuring, reports REUTERS, citing a WALL STREET JOURNAL report.
Most of the job cuts are expected to come from EMI's recorded-music operations, as opposed to its music-publishing business, the paper said, citing unidentified people familiar with the plans.
The plans come as the music industry has struggled to return to profitability -- and indeed to prove itself viable in the long term, the paper said.
EMI was not immediately available for comment.