Universal Music Group Initiates Major Layoffs in Strategic Overhaul

The music giant aims for $271 million in savings by 2026, affecting labels like Interscope and Def Jam.

Universal Music Group announces major layoffs and a strategic overhaul aiming for $271M in savings by 2026.
The restructuring affects various labels including Interscope, Republic, Capitol, and Def Jam, with layoffs concentrated on the West Coast.
High-profile executives among those laid off, with changes in label operations and responsibilities.
The company reported a net profit of $1.37 billion on revenues of $12 billion in fiscal year 2023.
The move is part of a broader trend in the music and media industry, with other companies like Warner Music Group also announcing layoffs.