Warner Music Group said on Thursday it will lay off about 750 employees, or 13% of its workforce, as part of a revised strategic restructuring plan to raise funds.
in February, warner musichome to artists such as Dua Lipa and Teddy Swims, said it would cut 600 staff – around 10% of its workforce.
The job cuts will impact the company's internal advertising sales business and other support functions.
The company said in a filing that it now expects pre-tax cost savings of about $260 million, the majority of which will be achieved by the end of fiscal 2025, compared with the $200 million it had previously estimated.
Warner Music said it expects to incur approximately $180 million in total pre-tax charges associated with the plan by the end of fiscal 2024.
The company has been trying to reduce costs by combining or selling its non-core media assets. In August, it said executives leading its recorded music and Atlantic Music Group units would step down.
