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Entertainment Rights chief to leave

Company to cut costs by $7.5 million a year

LONDON — Troubled U.K. kids’ programming outfit Entertainment Rights has lost its second chief exec in less than a year.

Nick Phillips, tapped from Warner Bros. Music U.K. in March following the departure of long-standing topper Make Heap, is to ankle at the end of the week.

Phillips’ exit is said by Entertainment Rights, whose properties include “The Lone Ranger” and “Postman Pat,” to be “very amicable.”

The company, which last year bought New York-based Classic Media, announced in its interim statement published in October that it had breeched its banking covenants and renegotiated terms until January.

The purchase of Classic Media left Entertainment Rights in debt and the combo is believed to owe around $188.5 million.

Last month, the outfit announced plans to trim costs by around $7.5 million a year, a move likely to lead to the loss of jobs at its offices in London, New York and Nashville.

A new CEO, with experience of turning round companies and the children’s entertainment market, is expected to be appointed soon.

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