AOL’s WEA to Leave Burbank for New York
AOL Time Warner Inc.’s WEA Corp. unit, the distribution division of the company’s Warner Music Group, will close some branch offices and move its headquarters to New York from Burbank.
The unit will be reorganized into four regional offices, in Atlanta, Los Angeles, Minneapolis and New York, instead of 10 branch offices under the current structure, Warner said. The reorganization will start Jan. 1.
About 50 jobs will be moved to WEA’s new headquarters in New York, the company said. The reorganization is in response to significant changes in the industry and to a shift in WEA’s customer base, the company said.
Shares of AOL Time Warner rose 67 cents to $13.75 on the New York Stock Exchange. The news was released after the close of regular U.S. trading.
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