MUMBAI: Yash Raj Films has 'restructured and rightsized' its music division YRF Music, 'given the current economic scenario'.
The production house has responded to media reports doing the rounds today that the music division and YRF's international operations are shutting down
Yash Raj'scurrent slate of films for the year will be handled by all the existing touch points including YRF Music and YRF International operations, the company says.
Media reports had fuelled the speculations claiming that YRF protege Karan Johar's gradual moving away from the company had hurt it hard, following a spate of flops from the YRF stable this year. Launched in 2004, YRF Music had its share of hit scores like Salaam Namaste, Bunty Aur Babli, Dhoom 2, Fanaa and the very recent Rab Ne Bana Di Jodi. The number of flops have been equally high, though. YRF Music has stayed away from the Indian Music Industry, the umbrella organisation of the music industry which controls the two licensing bodies, PPL and IPRS.
"It is unfortunate that there are unfounded rumours going around for some time now that the Yash Raj Films' Music Division and our International operations are shutting down. There is absolutely no truth in either of these. Neither of these divisions is being closed and they continue to function as usual. However, given thecurrent economic scenario, they have been restructured and right-sized as is happening globally in companies both big and small" says an YRF release.