Warner Music Group Announces Restructuring, Plans to Lay Off 600 Employees

The move aims to free up funds for music investment following a record quarterly revenue of $1.75 billion.

Warner Music Group announces plans to lay off 600 employees, approximately 10% of its workforce, to free up funds for music investment.
The layoffs will primarily affect the company's owned and operated media properties, corporate, and various support functions.
Warner Music Group reports a 17% growth in quarterly revenue, reaching its highest quarterly mark ever at $1.75 billion.
The company is exploring the sale of Uproxx and HipHopDX and will wind down the podcasting brand Interval Presents and social media publisher IMGN.
The restructuring aims to create a sustainable competitive advantage, focusing on increasing funding for artists, new skill sets, and technology.