Jobs Sliced At Univision Music
June 13, 2008 at 5:19 AM (PT)
Pink slips were handed out this week at UNIVISION MUSIC GROUP, a month after UNIVERSAL MUSIC GROUP fully acquired the record division (NET NEWS 5/5) that was created in 2001, reports THE L.A. DAILY NEWS. On THURSDAY, nearly two dozen people at the CANOGA AVENUE offices -- including assistants, coordinators and promotions executives -- lost their jobs.
The acquisition will help give UNIVERSAL a stronger grip on the Latin music market through MEXICAN music, Latin hip-hop, pop and rap. The purchase makes UMG the largest Latin music company in NORTH AMERICA, with a nearly 50% share of the U.S. Latin music market.
"Our goal is to create a Latin music company that is not only the biggest but the best," said UMG spokesman PETER LOFRUMENTO. "And that requires eliminating redundancies and directing our resources to more effectively and efficiently meet the new challenges and opportunities emerging in the marketplace."