About 40 employees were let go Thursday, including executive vp, global repertoire Fred Casimir and senior vp, global repertoire Jason Hradil.
The layoffs cut effectively the entirety of its film/TV, theatrical, and international marketing department for recordings as well as its Modern Recordings label, according to sources and an internal memo obtained by and affected employees in its Berlin, New York, and Los Angeles offices. A source within the company fears there are more layoffs to come and believes the layoffs may be a result of the company hiring the consulting firm McKinsey & Company in recent months.
After employees were notified they were being laid off, the company hosted a call with the U.S. recorded music team — including those who were let go — according to a source within the company. “Everyone at BMG says it feels like a venture capital firm now and not a record label,” laments an employee. “Things got dark real fast, and it bums me out watching a lot of amazing people lose their jobs right before the holidays.”, the leader explained that the restructuring was part of the implementation of its new strategy, BMG Next, according to an internal memo shared with.
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