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. Last Updated: 07/27/2016

Seagram Plans Layoffs

LOS ANGELES -- Seagram Co. will lay off more than 500 people in the first round of job cuts as it merges its Universal Music Group with Polygram NV, the former rival it acquired last month, sources said.

The layoffs, expected to begin as early as Thursday in New York and Los Angeles, eventually will include 3,000 of the 15,500 music division employees.

In addition, as many as 200 artists could be cut from a diverse roster that includes Sheryl Crow, Boyz II Men, Nine Inch Nails and Luciano Pavarotti, sources said.

Seagram said when it acquired Polygram that it would fire workers and artists as part of a plan to save $300 million by combining the Universal and Polygram music operations.