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Music Giant EMI Slashing 2,000 Jobs

Posted Jan 14, 08 6:14 AM CST in Arts & Living,  Business 

(Newser) – The new owners of record company titan EMI are cleaning house, starting with the elimination of 2,000 jobs—a third of its workforce—in a restructuring that could also include dumping artists, reports the Wall Street Journal. The layoffs come as new owner, Terra Firma Capital, tries to rejuvenate the fourth-place company during an industry skid that saw album sales drop 15% last year.

Rocker Robbie Williams has threatened to withhold his next album in protest, while his manager blasted executives as “bean counters.” Terra Firma is announcing plans tomorrow to centralize EMI’s marketing department and trim spending. Artists aren’t exempt, the Journal notes. Close to 30% of the company’s 13,000 artists haven't yet released an album, and some of them could also be cut.
Source: Wall Street Journal

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British music group Coldplay's Chris Martin. The band has threatened to withhold its next album in protest of a massive restructuring at its company BMI, the Wall Street Journal reports. (AP Photo/Birdy...   (Associated Press)
In this Feb 24, 2003 file picture British singer Robbie Williams arrives for the EMI post Grammy party in New York. Robbie Williams is going on strike in protest against the new owners of his record company...   (Associated Press)
Terra Firma Capital, the owner of EMI Music, is expected to cut 2,000 jobs from the company, a third of its workforce, the Wall Street Journal reports. EMI's new owners are unhappy with the relative size...   (Associated Press)
EMI music, which boasts top artists like Robbie Williams, Coldplay and Norah Jones, is expected to cut a third of its workforce in a massive restructuring plan. (AP Photo/Kirsty Wigglesworth)   (Associated Press)
Robbie Williams will withhold his next album in protest of a massive restructuring plan from Terra Firma Capital, the owners of his label, BMI Music.   (Getty Images)
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