Warner Looking for Potential Buyers, Universal Plans Layoffs
Two of the four major record companies are looking to make some big changes. It was recently revealed that Warner Music Group has hired Goldman Sachs to seek out potential buyers, while Universal Music Group has announced planned layoffs for today (January 21).
The New York Times reports that, although WMG is looking to be acquired, it is also still actively trying to buy out British label EMI. Warner is the parent company to both Atlantic and Asylum Records whose roster of rap artists include T.I., B.o.B, Lupe Fiasco, Gucci Mane and Waka Flocka Flame, among others.
According to The Hollywood Reporter, Universal will let go of around 60 staffers in North America today. “The current economic climate dictates that we continue to look for more efficient ways to run our business,” read a statement sent to THR. Universal’s umbrella includes Interscope, Def Jam and Universal Motown—home to such artists as Eminem, Dr. Dre, Kanye West, Rick Ross, Kid Cudi and Nelly. —Elan Mancini