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Creative Industries

Disney starts laying off 7,000 employees and shuts down its metaverse division

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The Walt Disney Company has started to lay off some 7,000 employees around the world, as part of a $5 billion cost-cutting plan. The layoffs will take place over the next two months.

Disney CEO Bob Iger said in a memo to staff seen by CNN that the job cuts would come in three waves: the first wave will start this week with managers notifying affected employees; the second, in April, will affect several thousand people; and the third round will be taking place “before the beginning of the sum...

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Emmanuel is a Washington, DC-based freelance journalist, blogger and media consultant, specialising in the entertainment business and cultural trends. He was the US editor for British music industry trade publication Music Week. Previously, he was the editor of Impact, a magazine for the music publishing community (2007-2009), the global editor of US trade publication Billboard (2003-2006), and the editor in chief of Billboard’s sister publication Music & Media (1997-2003).

Creative Industries

Universal Music Group acquires a minority stake in Chord from KKR for $240 million

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Universal Music Group (UMG), in partnership with Dundee Partners, will acquire a 25.8% share in Chord Music Partners for $240 million (€223m), in a deal that values Chord at $1.85 billion.

Chord was formed in 2021 by investment fund KKR and Dundee Partners, the investment office of the Hendel family, to acquire catalogues of music intellectual property (IP). The bulk of Chord's catalogue comes from the acquisition in 2021 of songs previously administered by Kobalt Capital for $1.1 billion.
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Copyright & Regulation

Thai police closes torrent site Siambit.me

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The Royal Thai Police’s Economic Crimes Department (ECD) has shut down the site Siambit.me, believed to be the largest torrent tracker site in Thailand. The action was supported by global anti-piracy organisation the Alliance for Creativity and Entertainment (ACE).

The police raided four locations in Bangkok, Surin Province and Surat Thani, taking four Thai nationals into custody. The unnamed individuals are expected to be formally charged with copyright offenses "in the coming days," accor...

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Creative Industries

Primary Wave Music partners with Jonathan and Anthony Belolo to develop the Village People’s brand, recordings and publishing

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Music assets and publishing company Primary Wave Music has signed a partnership agreement with Jonathan and Anthony Belolo, the heirs of Henri Belolo, the business partner of music producer Jacques Morali, who together launched the career of disco band Village People in the 1970s through their company Can’t Stop Productions/Scorpio Music.

Terms of the deal will see Primary Wave, in connection with the Belolos, develop Village People's brand, the group’s master recordings and publishing asse...

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