NEWS: news file.

WARNER RESTRUCTURES US STAFFING

Hundreds of senior Warner Music Group executives in the US are set to receive offers of redundancy packages in the next few days as part of the US group's sweeping cost-cutting measures following the AOL/Time Warner merger. The music group has targeted -- and mailed -- an undisclosed number of its staff who are out of contract or nearing retirement age in a bid to slash its wages bill. The company, which has also narrowed the search by selecting people with at least 10 years' service, wants to reduce its worldwide staff levels by around 600 or just under 5%.

SHARES DIP AT CAPITAL

Capital Radio's shares slumped 72.5p to 10.62p [pounds sterling], almost half its 52-week high of 19.52p [pounds sterling], after the group revealed its revenues rose by only 4% in the quarter ending December 31, 2000. Gloomy predictions about the future of the advertising market also helped to drive down the share price, although chief executive David Mansfield was more upbeat about achieving corporate objectives at the group's AGM last Wednesday.

COUNTRY FESTIVAL SET FOR EASTER

Country music's London Music Festival is set to be staged for the first time in around a decade with plans to hold the event at Wembley Arena over three days during Easter 2002. The event is being promoted by London-based All Music and aims to have key television and radio support.

BPI STRIKES WMC FLIGHTS DEAL