EMI to axe 2,000 jobs

Music giant EMI is to axe up to 2,000 jobs as part of a drive to save £200m (€264m) a year, its new private equity owner said today.

The cuts, which could affect up to a third of its workforce, will be focused on the group’s recorded music division.

Terra Firma, which bought the group for £3.2bn (€4.2bn) last year, said the cuts were needed because EMI had been “struggling to respond to the challenges posed by a digital environment”.