Sony Music Responds to Loss by Cutting Jobs
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Sony Music Entertainment, whose artist roster includes such acts as Bruce Springsteen and Shakira, is terminating about 100 employees across several divisions.
The move follows Sony’s announcement last week that its music division had a quarterly loss of $86 million for the three months ended June 30, down from a $37-million profit a year earlier. The cuts affect about 2% of Sony Music’s U.S. work force.
