- by Jason Gregory
- Tuesday, January 15, 2008
- filed in: Indie
Record company EMI has confirmed that up to 2,000 of its staff will lose their jobs in a bid to save £200 million a year.
As expected, the job cuts, which are equal to nearly a third of EMI’s workforce, will concentrate on recorded music division.
EMI’s new owners, private equity firm Terra Firma, said the cuts were necessary because the label was "struggling to respond to the challenges posed by a digital environment", reports AP.
The decision is expected to be met by anger from both staff and artists at the label.
A number of profile acts, including Radiohead and Sir Paul McCartney, have already left their deals with EMI following Terra Firma’s £3.2 billion takeover last August.
Coldplay are also understood to be considering their position, while Robbie Williams has put his new album on hold pending any further developments.
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