Universal Music slashes 800 jobs

The Universal Music Group, the largest music company in the world and home to acts like U2, Eminem and Mariah Carey, was expected to announce yesterday a restructuring that will eliminate 11 percent of its work force.

In the next several months, 800 jobs will be cut across all of Universal Music's divisions, according to company executives. Combined with the 550 jobs trimmed earlier this year, Universal Music's work force will shrink to 10,850 people. Executives said the cut will eventually save the company US$200 million a year.

"While we are doing something that is painful, we believe we will ultimately emerge as a stronger company," said Zach Horowitz, president of Universal Music.

http://www.taipeitimes.com/News/worldbiz/archives/2003/10/17/2003072178

Going after an little girl and making her pay $2000. I'll never buy another music CD as long as I live!