Sony Music Set To Slash Jobs, Restructure Label

According to sources, Sony Music Entertainment

is readying a restructuring plan that will result in an estimated 1,000 jobs

being slashed in an attempt to cut costs.

The label will also trim their roster of artists.

The restructuring plan would be the first major move of new Sony Music CEO Andrew

Lack, who replaced CEO Tommy Mottola.

Reports say the restructuring will be announced

after the Grammy's, but before the end of Sony's fiscal year on March 31.

The Sony Music division posted an operating loss

of $142 million last year.