Warner Music Group is shuttering Quincy Jones' Qwest Records as part of a corporate-wide restructuring, sources said Wednesday.
Warner will purchase the 50% of the Los Angeles-based company it doesn't own and immediately lay off at least 15 of the money-losing label's 17 employees, sources said.
Rock band New Order and Jones himself will be folded into the Warner Bros. roster, but half a dozen other acts are expected to be dropped from the label, sources said. A Warner spokeswoman declined to comment on the move. Jones could not be reached for comment.