Warner Music confirms 4% staff headcount cut

In a regulatory 8-K filing, the company states: "On March 29, 2023, Warner Music Group announced moves designed to drive the evolution of the Company. The Company expects to reduce headcount by approximately 270 people, or approximately 4% of the Company’s overall headcount. The headcount reductions should be substantially completed by the end of the next fiscal quarter. As a result, the Company expects to incur total non-recurring restructuring charges in this quarter of approximately $46M on a pre-tax basis for severance payments and other related termination costs. The Company anticipates that the headcount reductions will result in cash expenditures of approximately $46M by the end of FY24. The Company expects the headcount reductions to generate pre-tax cost savings of approximately $22M in FY23 and $50M on an annualized run-rate basis in FY24."