Warner Music to cut 600 jobs, or 10% of staff

The Warner Music Group logo is displayed on a smartphone.

Sopa Images | Lightrocket | Getty Images

Warner Music is laying off 600 employees, or about 10% of its workforce, according to a Wednesday filing.

The company said the layoffs are part of a broader restructuring plan aimed at saving costs to invest in more music and “accelerate the company’s growth for the next decade.” The layoffs are expected to save the company $200 million by the end of fiscal 2025.

The majority of the savings will be allocated toward increasing investment in Warner Music’s core music units and new technologies.

According to the filing, the job cuts will be concentrated in teams such as the in-house ad sales business and other “various support functions.” The company expects to complete its $85 million in severance payments by the end of 2026.

Don’t miss these stories from CNBC PRO:

Source

Business

McDonald’s is bringing back the snack wrap to U.S. restaurants next month

June 3, 2025

McDonald’s Snack Wrap. Courtesy: McDonald’s McDonald’s snack wraps will return to U.S. restaurants next month as the fast-food giant looks to boost sales after a sluggish start to the year. McDonald’s introduced snack wraps nearly two decades ago but discontinued the item in 2016 because it slowed its kitchens down too much. Some franchisees kept […]

Business

Dollar General is shaking off tariff fears and winning over higher-income consumers

June 3, 2025

Shares of Dollar General jumped more than 10% on Tuesday after the discounter raised its outlook, saying it drew more middle- and higher-income shoppers amid fears that higher tariffs would hurt consumer spending. The Tennessee-based retailer beat quarterly expectations for revenue and earnings. The company said it now anticipates net sales will grow about 3.7% […]

Business

Peloton launching resale market for used bikes, treadmills

June 3, 2025

A Peloton bike is displayed at a Dick’s Sporting Goods store on May 08, 2024 in Daly City, California. Justin Sullivan | Getty Images Peloton on Tuesday launched its own marketplace for reselling used equipment and gear as the company looks to capitalize on the many bikes and treadmills collecting dust in people’s homes. The […]