Universal Music Group suspends all operations in Russia
On March 8th, 2022, Universal Music Group (UMG) has suspended all operations in the Russian Federation in response to the country’s widely condemned invasion of Ukraine. In a statement, the company has said it is “adhering to international sanctions and… have been working with groups from a range of countries to support humanitarian relief efforts in the region”. UMG is the first of the three major music labels – the other two being Sony and Warner – to cease its local labels and operations in Russia. An unidentified source has stated that while operations will cease, the company's staff in Russia will continue to receive their salaries for an undetermined amount of time.
New Activity|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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