Universal Music to Lay Off Hundreds in New Hit to Media Jobs
- Brunt of firings will fall on the recorded music division
- CEO Lucian Grainge talked about impending cuts in October
Universal Music Group headquarters in Santa Monica, California.
Photographer: Bing Guan/BloombergUniversal Music Group NV, the record company behind Taylor Swift and Drake, plans to cut hundreds of jobs in the first quarter of the year, according to people with knowledge of the matter.
The company’s biggest division, recorded music, will be hit the hardest, said the people, who weren’t authorized to speak publicly and asked not to be identified. Universal Music, the world’s largest record company, had about 10,000 employees at the end of 2022, according to filings.