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Bertelsmann Faces The Music Amid Layoff Reports
German media giant Bertelsmann’s shakeup of its flagging music division looks set to continue with U.S.-based subsidiary Bertelsmann Music Group (BMG) reportedly looking to lay off hundreds of employees in its efforts to cut costs and raise profits. Rumors followed the appointment last week of former BMG Germany chief Thomas Stein to head BMG’s European division. Stein replaces Richard Griffiths, who is leaving the company by mutual agreement after six months in the job. “We have a new European management team and everything is being reviewed,” said a BMG Europe spokeswoman in Munich, who confirmed that BMG’s top management would… Read more »