Warner's Big Ax

[elifino]

Warner Music Group and its new management, headed by Edgar Bronfman, Jr., will begin laying off about 20 percent of its workforce - or slightly more than 1,000 employees - this week, The Post has learned.

Copyright 2004 NYP Holdings, Inc. All rights reserved


www.principal.com/marketnews/news_template.htm?story=20040301/20040301WarnersBigAx.xml

[mac56]

1. Good god.

Time Warner is getting out of the music business.

We'll be down to three major record companies: Warner-EMI, Sony-BMG, and UMG (which is MCA-PolyGram).

Support indie labels, folks. It's more important than ever.

[UpInArms]

2. don't worry - be happy!

we are right on the "cusp" of jobs!

Are we sure that "cusp" is not a typo? Could it be "cups", as in we all need to have our "cups" with which to beg?

[stopbush]

3. I have a couple of friends sweating this one out.

Warner just hired a rap guy to head up the company. They're paying him $90-MILLION for 5 years! In the meantime, they'll fire all of the people making under $50k to *cut overhead.*

Believe it or not, this is the Warner pay hierarchy:

1. The $90-Million Man (that's $18-MILLION per year)
2. The $500k Division head
3. The $300k Label head
4. The $130k label marketing guy (my friend is in this group)
5. The $35k assistant for the marketing guy (most people in the record biz are in this category).

Sick, ain't it?