Word: warners
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...been shedding 100,000 workers a month since the beginning of the year. Last week Winstar Communications, once a wireless wonder, hung up on 2,000 employees--44% of its staff. TiVo, Sycamore Networks and Extreme Networks added more bodies to the tech sector's growing pile. AOL Time Warner, parent of TIME, has announced 2,400 job cuts in response to the slowing economy and pressure from Wall Street. By week's end unemployment had hit 4.3%, a slight but ominous rise. Worse, job creation was down, more evidence that recession is at hand...
...shell of its former self, with 1.6 million copyrighted tunes now fully blocked by court order. And the music industry has not wasted time before stepping into the void. Its first Ping-Pong ball was served in the early hours of Monday morning, when EMI, Bertelsmann and Warner Music--three of the labels long lampooned as dinosaurs that didn't get the Net--were inking a deal with Real Networks and AOL after a year of top-secret negotiations...
...company they created, MusicNet, is set to become an online clearinghouse (read: tollbooth) for any website that wants to license recordings for you to download. Of course, AOL and Real.com are first in line. Real owns 40% of MusicNet; the three labels own 20% each. (AOL, Warner Music and TIME are divisions of AOL Time Warner.) But the deal is so unavoidably big, even Napster is thinking about signing...
...Warner Brothers...
...movement is pervasive. ''This is not something simply happening to the burnouts from Wall Street,'' says sociologist Stephen Warner of the University of Illinois at Chicago. ''There is an American phenomenon going on that crosses all social lines. It's true of immigrant groups too, as well as the underprivileged...