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. Last Updated: 07/27/2016

Seagram Music Shuffle

HOLLYWOOD -- In the most massive restructuring in the history of the music industry, Seagram has developed plans to slash $300 million in costs annually from the PolyGram and Universal music groups by integrating dozens of business operations in 44 markets around the world.

The unprecedented move will result in the shuttering of well-known labels, the closing of plants and warehouses as well as the loss of thousands of jobs.

The reorganization - which will follow the December closing of Seagram's $10.4 billion purchase of PolyGram - is expected to begin in January and will take until next summer to complete.