EMI slashes 2,000 jobs
- 00:00:53
- ITN
EMI slashes 2,000 jobs
Music giant EMI has confirmed it is to axe up to 2,000 jobs after its sale last August heralded a "shape up or ship out" mindset from its new owners.The cuts, which could affect up to a third of its workforce, will be focused on the group's recorded music division.Bosses at new owner Terra Firma are adamant "challenges posed by a digital environment" mean it must save £200 million a year.They have already warned the high-profile stars on its books, which include Kylie Minogue and Radiohead, they face the axe if their record sales don't justify their multi-million pound deals.The cuts were widely expected and come after Robbie Williams' manager accused Terra Firma's Guy Hands of behaving like a "plantation owner".But Mr Hands wrote: "While many spend huge amounts of time working with their label to promote, perfect and endorse their music, some unfortunately simply focus on negotiating for the maximum advance...advances which are often never repaid."Williams was paid a reported £80 million to sign to the label in 2002. However his latest album received mixed reviews and was overtaken in the sales charts by his former band, Take That.© Independent Television News Limited 2008. All rights reserved.
ITN | January 15, 2008
