According to sources, EMI will cut 2000 jobs rather than the 1000 reported on Saturday. Other cost cutting measures along with a major cash infusion rumored to be as high as $350 million are also on tap. Full details will be revealed in a live video conference on Tuesday from London.
The company will also be split into two divisions with one handling creative and the other back office. North American head Roger Ames is expected to handle signings and artists in Britain and America with Jean-François Cécillon taking on the role for the rest of the world. Restructuring back-office functions will be handled by Mike Clasper, a former chief executive of airport operator BAA.
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