New WMG Ownership Reportedly Looking To Trim Overseas Workforce
July 26, 2011 at 3:59 AM (PT)
THE NEW YORK POST reports new WARNER MUSIC GROUP owner LEN BLAVATNIK's ACCESS INDUSTRIES, "is looking to cut about 2 to 5% of the 3,800-person global workforces."
Any layoffs, if they happen, would seem to affect back-office personnel, as the report notes, "The cuts will come as synergies are discovered between the music giant and ACCESS," sources told THE POST. "WARNER is now being run as a unit of the businessman's holding company. Most of the cuts will come from employees working outside the U.S.," that source told THE POST.
WMG is one of several companies rumored to be looking to bid on EMI, which CITIGROUP has asked for initial bids to be submitted by JULY 28th.
Changes On WMG's Board
"According to bond documents," notes THE POST, "WARNER MUSIC's head of recorded music, LYOR COHEN, and head of publishing unit WARNER/CHAPPELL, CAMERON STRANG, have been elevated to the new nine-person board. CEO EDGAR BRONFMAN retains his board seat but relinquishes his chairman role to a BLAVATNIK loyalist, STEPHEN COOPER. BLAVATNIK, meanwhile, becomes Vice Chairman. Also joining the board are the owner's brother, ALEX BLAVATNIK, and other ACCESS executives, including DONALD WAGNER, LINCOLN BENET and JORG MOHAUPT."