Universal Music Group chairman and CEO Lucian Grainge has confirmed that there will be job losses following UMG’s £1.2bn acquisition of EMI.
Speaking to the Daily Mail, Grainge reiterated the intention to generate cost savings of £100 million, adding, “There will be job losses. I can only grow this business by making savings and investing in the product – the artists and the music.”
He went on to reassure those under his leadership, however, saying, “We are creative people and we know how to work with creative people. We know what we’re doing.”
Speaking to Music Week on Friday, Grainge said that Universal will “cuddle” EMI artists and stakeholders as it builds the label back to strength.