Muzak to cut capital spending by $14 million to generate free cash flow

By Ted A. Knutson

Washington, June 27 - Muzak Holdings LLC announced it will cut capital investment in new client locations by $14 million to generate free cash flow after debt service obligations.

The company also said it expects annualized selling, general, and administrative workforce reduction savings of about $4 million and the associated cash severance costs to be about $0.6 million.

The Fort Mill, S.C., recorded music company made the announcement in an 8-K filing with the Securities and Exchange Commission.

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