Warner Music Groupwill lay off 10% of its worldwide workforce, about 600 people, CEO Robert Kyncl said in a memo released today.
The companys artists include Megan Thee Stallion, Beyonce, the Red Hot Chili Peppers, Paul Simon, AC/DC, and John Williams, among many others.
In a memo to staff, Kyncl said the majority of thelayoffswill come within WMGs owned and operated media properties such as news/entertainment websitesUproxx and HipHopDX, plus the social media publisher IMGN.
Kyncl said Warner is exiting from the owned and operated media platforms and will seek buyers for Uproxx and HipHopDX, while IMGN and podcast platform Interval Presents are being shut down.
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Warner expects to create annual cost savings in the region of $200 million from the downsizing.
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The layoffs come after a 4% global layoff last year at WMG, which saw 270 leave the company.
