NEW YORK – Record label EMI, bought by private equity firm Terra Firma last year, is set to announce Monday plans to cut as much as one third of its 6,000 staff, slash marketing costs and drop artists as part of a restructuring, the Wall Street Journal reported.
Most of the job cuts are expected to come from EMI’s recorded-music operations, as opposed to its music-publishing business, the paper said, citing unidentified people familiar with the plans.
The plans come as the music industry has struggled to return to profitability — and indeed to prove itself viable in the long term, the paper said.
EMI was not immediately available for comment.
