According to sources, Sony Music Entertainment is readying a restructuring plan that will result in an estimated 1,000 jobs being slashed in an attempt to cut costs. The label will also trim their roster of artists. The restructuring plan would be the first major move of new Sony Music CEO Andrew Lack, who replaced CEO Tommy Mottola. Reports say the restructuring will be announced after the Grammy’s, but before the end of Sony’s fiscal year on March 31. The Sony Music division posted an operating loss of $142 million last year.
According to sources, Sony Music Entertainment
is readying a restructuring plan that will result in an estimated 1,000 jobs
being slashed in an attempt to cut costs.
The label will also trim their roster of artists.
The restructuring plan would be the first major move of new Sony Music CEO Andrew
Lack, who replaced CEO Tommy Mottola.
Reports say the restructuring will be announced
after the Grammy’s, but before the end of Sony’s fiscal year on March 31.
The Sony Music division posted an operating loss
of $142 million last year.