This past Friday, the Universal/EMI Music merger was completed. This morning we see reports of eminent job cuts from EMI. Lucian Grainge, Universal Music CEO, says his goal is to trim $162 million dollars from EMI’s budget.

‘We intend to generate cost savings of £100 million,’ he said. ‘There will be job losses. I can only grow this business by making savings and investing in the product – the artists and the music.

‘But we are creative people and we know how to work with creative people. We know what we’re doing.’ [Allindstrom]