About 60 people lost their jobs at Interscope and Geffen Records on Thursday when both labels merged into one, PerezHilton.com has learned. Many of those laid off had been there for years.
Yet another sign that the music industry is dead.
The biggest reason for the merger and cutbacks, we’re told, is the huge failures of the Will.I.Am, Nicole Scherzinger and Eve albums, the last two which aren’t even out yet.
“It cost $18 million to make and market those three albums – all bombs,” a music industry source tells us. “Jimmy Iovine [the head of Interscope responsible for the layoffs] is the most hated man in music today!”
Did his wife ever divorce him for his relationship with Nicole?
What a fucking douchebag!
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Dec 14, 2007 01:36am PDT
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