Universal Music Group is laying off staff across its U.S. and U.K. operations, and several top executives are leaving, Variety, Music Week and Music Business Worldwide reported Wednesday.

The cuts are part of a cost-saving plan first announced in early 2024, the outlets said. Music Week and Music Business Worldwide said the plan aims to save 250 million euros, or about $270 million, a year.

Variety said the moves were expected to take place on Wednesday and Thursday. They follow about 200 layoffs at the company's Canadian operation late last month, Variety reported.

Def Jam Records chairman and CEO Tunji Balogun is leaving, though he will stay through the end of the year, Variety and Music Business Worldwide said. Nicole Wyskoarko and Sam Riback, two presidents at Interscope Geffen A&M, are also leaving, all three outlets reported.

In the U.K., Ben Mortimer is stepping down as president of Polydor Label Group, the outlets said. Jodie Cammidge will be acting leader of Polydor Records, Music Week reported. Hannah Neaves, president of UMRecordings U.K., will move to a consulting role.

The news came a day after Rebecca Allen, a 27-year UMG veteran, said she was leaving, the outlets reported.

Other leaders are taking on bigger roles. Island Records co-CEOs Imran Majid and Justin Eshak will get wider duties, Variety and Music Business Worldwide said.

"Where we have made the difficult decision to remove certain roles, we are deeply grateful for the contributions of the people leaving us," a UMG spokesperson said, according to Music Business Worldwide. The company said it is "bringing in new skills and technology."

Variety said UMG's revenue grew 5.3% to nearly $7.2 billion in the first half of 2026. The music industry is in a period of change as the streaming boom has leveled off, Variety reported.

What we know: UMG is cutting jobs, and leaders at Def Jam, Interscope and Polydor are leaving.
What we don't: How many jobs are being cut in total.