| 4 percent share of overall music sales, second only to Universal Music Group, according to Nielsen SoundScan
Still undecided is the fate of Roger Ames, who was Warner Music's chairman and chief executive when it was still a unit of Time Warner Inc
"While the restructuring necessitates some painful changes, they are vital to creating a more agile organization that will allow us to remain competitive in a rapidly evolving marketplace," Bronfman, Warner's chairman and chief executive, said in a statement
Upper management was not spared, including three senior executives: Val Azzoli, the co-chairman of Atlantic Records; the label's co-president Ron Shapiro, and Sylvia Rhone, the chairman of Elektra
The changes at Warner, home to acts like Kid Rock, Madonna and Metallica, are part of a restructuring plan intended to save the company about $200 million a year so it can be in a better position to compete com
22, Warner Music acts have accounted for 14
The recording industry has been struggling in recent years to overcome declining CD sales amid the rise of CD-burning and online music file-sharing Lee Partners, Bain Capital and Providence Equity Partners, bought Warner Music Group in November after London-based EMI Group PLC pulled its own bid
The cuts are widespread, encompassing jobs at the labels, corporate office and IT departments, among others
The company also has yet to name who will oversee the Elektra and Atlantic label combination
The layoffs, which represent 20 percent of the company's global work force, are slated to be completed over the next month S
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Associated Press Business Writer Seth Sutel contributed to this story 6 billion deal, which closed Monday, returned Bronfman to a top music industry position once more Ames, who remains under contract, is still negotiating with Warner over what his new role at the company could be The company is also consolidating the back-office functions of its Elektra Entertainment Group and The Atlantic Group labels, the first step in a plan to combine them into one label
Ahmet Ertegun, the founder of Atlantic Records, will be staying with the company but his exact role has yet to be determined, Tanous said
Spokesman Will Tanous said Bronfman was not available for interviews
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On the Net: www The purchase also included Time Warner's Warner/Chappell Music publishing business before it merged with French media giant Vivendi in 2000
Under its new structure, Warner will operate two label groups â€â€? the Elektra-Atlantic combination in the East Coast and Warner Bros Bronfman later left that company as the merger unraveled
As of Feb
In all of 2003, Warner had a 16 recorded music operations, will oversee Elektra and Atlantic until a final management team is named
Bronfman and an investor group that includes Thomas H
The $2
Lyor Cohen, who left the top post at Island Def Jam Music Group in January to head Warner's U wmg He oversaw Universal Music Group as the former head of Seagram Co began in earnest Tuesday as the company ousted several top executives and said it would slash 1,000 jobs at the largest privately owned record company 3 percent of current album sales so far this year, third behind Universal Music Group and Bertelsmann's AG's BMG Entertainment, according to Nielsen SoundScan Records in the West Coast Warner Music Slashes Jobs, Ousts Execs
Mar 2, 6:27 PM EST
The transformation of Warner Music Group under new chief Edgar Bronfman Jr |