Major Cuts Planned At Universal Music Group
As profits at The Universal Music Group stumbled in the first 9 months of 2010, senior executives promised new cost cutting measures particularly in the U.S. There is “very, very significant potential” for savings," according to Phillipe Capron, Vivendi's Chief Financial Officer. “A lot of fat can be taken out without hurting muscle and bones.”
The world’s largest label group just reported earnings before interest tax and amortization of $334 million in the first nine months of 2010. That's down 9.3% from the same period last year and down 14.7% on a constant currency basis. Overall sales slipped 1.7%.