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 Warner Music dropping 85 bands-more to follow. 
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Post Warner Music dropping 85 bands-more to follow.
Get ready for a big industry shake-up. This is going to be a big deal for the music industry, and it goes beyond Warner.

http://www.nydailynews.com/05-14-2004/b ... 6906c.html

Here's the article:

Warner Music Group has dozens of artists singing the blues.
In an aggressive move to slash costs, the record giant run by Seagram heir Edgar Bronfman Jr. is cutting about half of the roster of its New York-based Atlantic Records Group label.

Among the biggest names to get the ax at Atlantic, which recently merged with sister labels Elektra and Lava, is once hot rock band Third Eye Blind.

In all, about 85 acts will be let go - mostly little-known new artists or underperformers, the Los Angeles Times said.

Atlantic co-chairman Craig Kallman said the goal is to get the roster down to an appropriate size where "we can give each of our acts top priority."

The cuts won't stop in New York. Warner Music is scrutinizing its roster on the West Coast and around the globe, music sources said.

Bronfman and his U.S. music chief, Lyor Cohen, are cleaning house with the goal of trimming $250 million in costs, sources said. They've already let go 20% of the record giant's 5,300 employees and asked execs to take pay cuts.

The Seagram scion and a group of investors led by private equity firm Thomas H. Lee bought Warner Music from Time Warner for $2.6 billion in March. Bronfman's backers are betting the hobbled music biz will turn around and say they are pleased with the progress made so far.

Looking to cash out, the new owners are already seeking to take Warner Music public within the next year and a half.

Bronfman and his partners also held merger talks with British music giant EMI earlier this year but failed to agree on terms, sources said. But the two could come back to table.

-Chad

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Fri May 14, 2004 11:37 pm
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Well, thats not good for the acts... :(

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Sat May 15, 2004 1:44 am
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