The long rumored layoffs at UNIVERSAL MUSIC GROUP are reportedly happeningTODAY (1/21), reports THE HOLLYWOOD REPORTER. The company which includes INTERSCOPE GEFFENA&M, UNIVERSAL MOTOWN, ISLAND DEF JAM and UNIVERSAL REPUBLIC will cut approximately 60 employees, sources told THR.
UMG released a statement to THR saying, "As any well run company, the current economic climate dictates that we continue to look for more efficient ways to run our business. So we are taking steps to reduce costs while increasing our creative investment in a number of key areas and new businesses. While we regret the impact these cost savings have on those affected, we believe acting now will enable us to be even better positioned in taking smart creative risks, leading the industry in the growing mobile and online businesses, and delivering compelling quality, music-based entertainment toconsumers globally."
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