Rock Band Blasts Pared-Down Warner Music Ahead Of IPO

“Days before an expected public stock offering from the Warner Music Group, the rap-rock band Linkin Park demanded yesterday to be released from its recording contract with the company, saying internal cost cuts may have left the music giant ‘unable to compete in today’s global music marketplace’… The spat comes as a team of private investors, who purchased Warner Music from Time Warner last year for $2.6 billion, is preparing for an initial offering of shares that is expected to raise $750 million and is expected to take place in mid-May. Since taking charge last year, the investment team has restructured the company and cut about $250 million in costs through layoffs, cuts to the artist roster and consolidation of its international operations.”