Realignment will bulk up digital operations
Warner Music Group will eliminate 400 positions worldwide over the next year, but keep its headcount about the same as it creates new jobs to bulk up growth areas.
The music distrib will announce the plan Tuesday when it releases its second quarter results.
Company is terming the move a “realignment” in which shrinking area such as traditional retail and certain IT services will see a reduction in staffing. Workforces in markets that are seeing sales dips will also be trimmed.
Areas of growth include digital operations and creating units with skill sets that the company currently lacks. One example is the creation of the Den of Thieves video programming division that was announced Monday. Warner Music has about 4,000 employees.
WMG stock was down 12 cents Monday, closing at $17.30.