Deseree Stukes ([email protected])
Sat, 16 Jan 1999 11:29:38 -0500
Universal Music UK announces new label structure
Undercover, 01.16.99
Now that the Universal and PolyGram merger is complete, the new structure of
Universal Music UK has been announced.
The company will be centred around three labels.
Mercury and Polydor will be joined by the new label Universal/Island as the
three principal labels. The label is a combination of Polygram's label
Island and Universal Records. Mercury and Polydor were already stand-alone
labels at PolyGram.
The new structure moves Motown stars such as Boyz II Men and Stevie Wonder
to MCA's roster, whilst Universal acts such as Erykah Badu and Cherry
Poppin' Daddies and Island UK's U2 and Pulp will be with the new formed
Universal/Island label.
The merger between PolyGram NV and Seagram Co. Ltd. (of which Universal
Music is a unit) results in the world's leading music company. The merger
was finalised last month when Seagram formally completed the $10.2 billion
(AUD16.2 billion) PolyGram take-over.
Since the merger there has been a lot of speculation on job cuts.
Speculation is that, as early as next week, the Universal Music Group will
cut up to 3,000 jobs, of which most are meant to come from North America.
The restructuring and job cuts are expected to result in an annual saving of
$300 million (AUD 476 million) in costs.
des
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