Time moves fast: it’s been two-and-a-half years since Universal Music Group announced a cost-cutting program to slash EUR €250 million (approx. USD $270 million) in annual expenses.
That move came amid a broader wave of layoffs across the music and entertainment industry, and followed the launch of a comparable cost-cutting program at Warner Music Group in 2023.
UMG‘s program, initially announced in February 2024 and due to be concluded next year, was always planned to include “a combination of headcount reduction and other operational efficiencies.”
MBW has confirmed via sources that the latest wave of executive departures at Universal has been firmed up in recent days.
Senior execs we’re told are leaving the company include Tunji Balogun, Chairman and CEO of Def Jam Recordings, who will exit UMG by the end of the year.
Other exec departures include Nicole Wyskoarko and Sam Riback, who both leave their President, A&R positions at Interscope Geffen A&M.
Elsewhere, Ben Mortimer is exiting his position as President of Polydor Label Group in the UK, while Hannah Neaves, currently President UMRecordings UK, switches to a consultancy role.
Rebecca Allen, Chief Artist and Strategy Officer at Universal Music Group UK, announced earlier this week that she was stepping away from her role after 27 years with Universal.
Meanwhile, Mark Crossingham is stepping down as Managing Director of UMG Ireland, and will succeeded by UMG Ireland Nick Younger.
The run of US and UK layoffs follows a reduction of UMG headcount across certain divisions within territories such as Germany and Canada in recent weeks.
In a statement referencing the latest changes, a UMG spokesperson said: “Our consistent success has been built on our ability to anticipate industry changes, act early to better serve all our artists and songwriters, and capture opportunities in music’s fastest-growing areas. Our industry-leading investment in artist development has always guided that work and will continue to do so.
We’re bringing in new skills and technology and connecting expertise across our teams to deliver greater global impact and greater efficiency. Where we have made the difficult decision to remove certain roles, we are deeply grateful for the contributions of the people leaving us.“
MBW understands that the latest phase of changes will result in a wider remit for Island Records’ Imran Majid and Justin Eshak, while Jeffrey Remedios (currently President & CEO of Republic Collective and previously Chairman & CEO of UMG Canada) and Tyler Arnold (Chairman & CEO, Mercury Records) are taking on new leadership roles at Republic Records.
MBW also understands that Laura Carter, Ramon Alvarez-Smikle, and Michelle An will take on broader leadership roles at IGA.
Universal Music Group CFO Matt Ellis said on the company’s full-year 2025 earnings call in March that UMG remained “on schedule” with its €250 million cost savings program.
Ellis confirmed that €90 million in cost savings were achieved in 2025, and said he expected another €40–€50 million in “Phase 2” savings to be realized in 2026.
An additional €35–€45 million in savings is expected to benefit 2027, which will wrap up UMG’s program.
Warner Music Group announced in March 2023 that it would cut around 270 jobs, or about 4% of its global workforce.
In February 2024, the company announced a further round of around 600 job cuts, before expanding that figure to around 750 later that year, with expected annual savings revised up to around $260 million.
In July 2025, WMG announced a further round of cuts worth around $300 million a year, including around $170 million through what CEO Robert Kyncl called “headcount rightsizing”.
MBW estimated in January that WMG’s 2025 round would result in the loss of around 1,000 roles, on top of around 1,000 cut in 2023 and 2024.
The cuts at UMG coincide with layoffs at Netflix, and a warning of job losses at movie giant Skydance.
Netflix is cutting around 6% of its workforce – roughly 1,000 jobs – according to an internal memo first reported by The Wall Street Journal on Wednesday (October 14).
Most of the cuts will hit Netflix‘s product, technology, legal, and human resources teams, according to reports.
Paramount completed its acquisition of Warner Bros. Discovery on October 6, creating a new company called Skydance.
In a press release announcing the deal’s completion, Skydance said it was “targeting at least $6 billion in run-rate synergies within three years”.
In a memo to staff reported by CBS News, Skydance Chairman and CEO David Ellison and Co-CEO Ynon Kreiz said: “Integrating two companies will bring change, including difficult decisions that affect our workforce.”
Paramount Skydance, formed via the merger of Skydance Media and Paramount Global in August 2025, began cutting around 2,000 US jobs in late October that year, according to reports.
UMG‘s adjusted EBITDA margin was 20.5% in Q2 2026, down from 22.7% in the prior-year quarter, according to its latest results.Music Business Worldwide