LABEL NEWS: Universal Posts Impressive Gains & WMG Rumored To Move East In Cost Cutting Move
Universal Music reported earnings today showing a surprisingly strong increase in earnings from $428 Million to $570 million and predicted more (although smaller) growth next year. Read a BusinessWeek online story here and the Vivendi Universal press release here.
Meanwhile, rumors continue to fly that Warners will shutter it’s Burbank offices and move operations entirely to NYC in a cost cutting move.
UPDATE – Hypebot has independently confirmed from WMG insiders that moving the operations to NYC is "just a matter of time" and virtually everyone inside the company is trying to figure out if they will be offered a job in the Big Apple.
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So – when might this be more than a rumor? 3 months, 6 months??
It’s always the execs that they talk about in these articles, but it’s hundreds if not a bit over a thousand jobs in LA that would be lost….