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Friday, August 2, 2002
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Sony Music says it may cut 100 jobs...
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The music arm of Sony said on Friday it may cut about 2 percent of its staff, or 100 jobs, in an effort to restructure operations as it continues to grapple with the rapidly changing music business. Sony Music Entertainment said in a statement "it is redirecting its resources in order to maximize the efficiency of its operations and effectively meet the challenges of an evolving industry, and as a result approximately 100 employees may be leaving the company."
Sony Music, one of the five major worldwide record labels, has more than 5,000 employees in the United States. The music industry as a whole has struggled in recent years with weak CD sales in the face of a host of issues all centered on online music, file sharing and Internet piracy. |
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