Warner Music Group said Thursday it would lay off about 750 employees, or 13% of its workforce, as part of a revised strategic restructuring plan to free up funds.
In February, Warner Music, home to artists including Dua Lipa and Teddy Swims, said it would cut 600 employees, about 10% of its workforce.
The job cuts will affect teams such as internal advertising sales and other support functions.
The company now expects pre-tax cost savings of about $260 million, the majority of which will be achieved by the end of fiscal 2025, up from its previous estimate of $200 million in savings, it said in a filing.
Warner Music said it expects to incur about $180 million in total pre-tax charges associated with the plan by the end of fiscal year 2024.
The company has been trying to cut costs by combining or selling its non-core media properties. In August, it announced that executives leading its Recorded Music and Atlantic Music Group units would step down.
