Tommy
Boy
will scale back their operation and,according to sources, 80 employees will be let go.
Warner Music will buy out the remaining 50% of the
label from founder Tom Silverman, who will retain
several artists and the Tommy Boy name. According
to sources, the label is not going out of business
as has been rumored, but will begin to focus their
attention on dance music.
“We
will still be here in the same location with a few
less acts and a smaller staff,” Silverman told allhiphop.com.
“Leaner & meaner like all the survivors in 2002.”
