We hear that Sony-BMG will be laying off 40 to 70 mid-level execs before the end of the year
This wouldn’t be a shock for the 50/50 JV between Sony (SNE) and Bertelsmann. As we noted in October, revenues at the label dropped 10% to $851 million in Q2. The company was able to eke out an $8 million profit before taxes, but that was largely because it wasn’t spending money promoting many new releases.
Our sources say at least some of the execs affected have already been notified; if you’ve got information to share please do so in comments below or at [email protected]
Follow-Up: Cuts are underway. Good news: The NY Post says the label is only cutting 20.
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