US performance rights organisation BMI is reducing its headcount by just under 10%, according to a memo sent to staff and subsequently obtained by Billboard.
“After a careful and comprehensive review process, we are reducing BMI’s total workforce by just under 10% through a combination of headcount reduction and not filling a number of current open positions,” wrote CEO Mike O’Neill.
The news comes shortly after BMI confirmed that it is no longer exploring a potential sale of the company, having previously hired Goldman Sachs to smoke out any potential buyers.
BMI’s financial health appears to be robust – in its last financial year it set a new record for annual distributions with $1.34bn – but O’Neill told staff that “our success does not mean that we shouldn’t also take a critical look at our business and ensure we are operating in the most efficient and effective way possible, particularly as we head into uncertain economic times”.
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