Warner Music Group said on Thursday it would lay off about 750 employees, or 13% of its workforce, as part of a strategic restructuring plan it is reviewing to free up capital.
In February, Warner Music, which represents artists such as Dua Lipa and Teddy Swims, announced it would cut 600 employees, about 10% of its workforce.
The cuts will affect teams across the company's ad sales operations and other support functions.
The company said in the filing that it expects pretax cost savings of about $260 million, with the majority of that to be achieved by the end of fiscal 2025, exceeding its previous estimate of $200 million in savings.
Warner Music said it expects to incur total pre-tax charges of approximately $180 million by the end of fiscal 2024 related to the plan.
The company has been trying to cut costs by consolidating or selling non-core media assets, and in August announced that executives from Recorded Music and Atlantic Music Group would be stepping down.
