The record company giant takes drastic cost-cutting measures...

Record label giant EMI is to slash 1,800 jobs in a dramatic cost-cutting measure.

The majority of the jobs will go before the end of March, with the rest by the end of December.

The redundancies will cost the company around £110 million. EMI, which employs 10,000 people worldwide, say they will absorb it as an exceptional cost. Combined with £92 million to cover loss-making investments and other asset write-offs already announced, as well as the infamous exceptional charge of £38 million announced in January in relation to the termination of Mariah Carey's contract, EMI expect to absorb a total cost of £240 million.

The company says the restructuring will save them £98 million a year, Financial Times reports.

Alain Levy, chief executive of recorded music, said: "We are shaping EMI Recorded Music for the future, and positioning it for revenue growth from a much lower cost base and with much better practices."

It is unclear if the cost cutting will effect any artists on the huge EMI roster. Less profitable acts such as Ame, signed to the I AM imprint, a subsidiary of EMI wing Virgin, have already parted company with the label.

Read More On This Artist

More News
Killer Mike rails against Ferguson verdict in emotive pre-gig speech - watch
Pulled Apart By Horses share cover of Slade's 'Merry Christmas Everyone' - listen
Seasick Steve announces new album 'Sonic Soul Surfer' and UK tour
Metallica to headline Reading & Leeds 2015, Jamie T and Run The Jewels also on the bill
Kurt Cobain documentary executive produced by Frances Bean set for 2015
Paramore's Hayley Williams duets with former Civil Wars singer Joy Williams - watch
Retailers and independent labels call for weekly worldwide album release day to be Monday
The Libertines decline to comment on Glastonbury rumours
Hop Farm promoter Vince Power wins High Court case against PRS following live music ban
Prince deletes his social media accounts and removes videos from YouTube
Justin Bieber named highest-earning entertainer under 30 by Forbes
Caribou and Patti Smith added to Field Day 2015 line-up
O2 Priority tickets for System Of A Down, Of Mice And Men and more available tomorrow
Iggy Pop: 'I twerk around the house with my wife'
All We Are preview debut album material at Jack Rocks The Macbeth
Guitar signed by Noel Gallagher to be auctioned at London's Independent Label Market
The Courteeners announce Heaton Park show for June 2015
Music world reacts to Ferguson grand jury verdict and subsequent violence
Jack White covers Dean Fertita's 'Parallel' – listen
Will Butler of Arcade Fire debuts first solo track 'Take My Side' – listen
Eminem reveals 'Rocky' style video for new song 'Guts Over Fear' – watch
Wet Nuns announce the death of drummer Alexis Gotts

More News


Please login to add your comment.

Latest Tickets - Booking Now
Know Your NME

NME Store & Framed Prints
Inside NME.COM