KEY TAKEAWAYS Warner Music Group said it is going to increase its planned layoffs as part of an updated restructuring plan aimed at freeing up cash to boost its core music operations.The entertainment company said it would reduce its staff by about 750 employees or 13% of its total headcount,

Warner Music (NASDAQ:WMG) is now expecting to lay off more employees than it originally planned as part of a restructuring drive to free up more funds to invest in its core music business and accelerate its growth for the next decade.

The pending departures of top execs will enable a new structure where all WMG subsidiary label and publishing heads report to CEO Robert Kyncl

The entertainment conglomerate now expects to cut its workforce by 13%, or about 750 employees—up from a 10% reduction.