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Warner Music Group to lay off 600 employees and close the Interval Presents podcast division.

WMG CEO Robert Kyncl -- who thinks you could pay more for Spotify-- revealed the record label will lay off 10 percent of its workforce, or 600 employees. It’s winding down the podcast division behind Rap Radar and Drink Champs, and IMGN Media. It's also in an "exclusive process" to sell Uproxx and HipHopDX.

Earlier on Wednesday, WMG reported Q1 revenue of $1.75 billion — its highest quarterly revenue since it went public, and net income of $193 million.