EMI to Cut 1,500 Jobs, Artist Roster, to Save Money (Update2)

March 31 (Bloomberg) -- EMI Group Plc, the world's third- largest record company, plans to shed 1,500 jobs, or a fifth of its workforce, after the global music industry shrank for a fourth year in 2003.

EMI, whose artists include Norah Jones and the Rolling Stones, said the cuts will cost about 75 million pounds ($138 million) and lead to savings of at least 50 million pounds from the year starting April 2005. EMI will also drop under-performing acts. The company's shares jumped as much as 7.9 percent.

Record companies including Universal Music Group have fired workers, sold compact disc plants and sought mergers as online piracy dented sales and consumers spent more on other leisure products. EMI, which failed to buy Warner Music last year, has already cut 2,000 jobs since late 2001. Sony Corp. and Bertelsmann AG in December agreed to merge their music units.

``EMI's new plan comes in the context of the Sony-BMG merger after EMI tried and failed to buy Warner Music,'' said Charlie Marshall, an associate at Spectrum, a consultancy in London. ``Margins in the recorded industry have been getting lower and lower and it's hard to forecast a turnaround in the industry for the time being.''
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The planned 1,500 planned job cuts will be at the recorded music division. EMI is also reorganizing the music publishing unit, cutting 5 percent of the division's workforce. That's about 30 jobs, based on the unit's workforce in fiscal 2003.
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http://quote.bloomberg.com/apps/news?pid=10000085&sid=ayKOUY4SSDkg&refer=europe

I know of at least 3 families this is going to crush. Dammit Dammit Dammit!!!!!!!!!!!!!! Arrrgggg im at a loss for words.