UMG Announces Major Restructuring to Cut Costs, Includes Phased Layoffs Saving $271M Annually by 2026
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UMG announced a "strategic organizational redesign" that will result in $271M in annual savings by 2026.
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The redesign will include layoffs, though specifics on number of employees affected was not disclosed.
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First phase in 2024 will be a general headcount reduction saving $81.3M.
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Second phase in 2025 will be more layoffs and "operational efficiencies" saving $135.5M.
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UMG earnings for 2023 were $1.37B profit on $12B revenues, but cost cutting seen as necessary.