Rumors of big layoffs at Viacom’s MTV have been circulating for weeks, but reality is setting in. A source claims that 300 people coast to coast will be let go by the end of the week and most of the layoffs will come from the music side of the business – go figure!

MTV’s and Nickelodeons ad revenues have dropped sharply and the company’s profits were down 37 percent in the last quarter.

Guitar Hero Joe Satriani is suing Coldplay for plagiarizing one his songs. Satriani’s copyright infringement suit claims the Coldplay song “Viva La Vida” incorporates “substantial original portions” of his 2004 instrumental “If I Could Fly.”

Check out this video clip comparing these two songs together – no doubt that both songs have the same melody line. Coincidence or Premeditated?

Jimmy Iovine Chairman Interscope-Geffen-A&M said Axl Rose delivered a great Guns N’ Roses album. Period. He did. It took him a long time for whatever reasons. I am sure there were many different reasons. Bottom line is, he did it. It’s hard to say if something is worth the wait, because how the hell do any of us know? I judge it based on what it is. Does it sound better than 99 percent of the rock records out there? Yes. I’m just thrilled for him.

Velvet Hammer Music and Management Group, a management company and record label whose roster includes System of a Down, Deftones, Alice in Chains, and Cypress Hill, has launched a talent scout competition to find and employ A&R talent scouts across the country. Check out the details here.

Tom Zutaut (pictured left), the A&R guy who signed Guns N Roses to Geffen Records in the mid 80’s, was booted out of the “Chinese Democracy” listening party, held at the Roxy Theater in West Hollywood, California last Tuesday (November 18). Tom Zutaut said this:

“I believe that love and hate are a complicated thing but ultimately the same thing. I love Axl and think ‘Chinese Democracy’ is a genius body of music. “It is sad and disappointing to me that those around Axl would lie to him to fuel his hatred towards me with imaginary events used to drive a wedge between us. I love him deeply, will always love him and wish only the greatest success to one of the world’s last true creative musical sparks with a god-given voice.

I am proud of my contributions to his career and am always there for him should he one day become enlightened to the truth of what surrounds him. It is also sad that he doesn’t mention the hard work I put in on my short involvement with ‘Chinese Democracy’with even a ‘Thank You’ considering lesser players are credited or thanked in the liner notes — even those who ridiculed him, belittled and made fun of him behind his back while I defended his genius ’til those around him poisoned him against me with distortions and lies. “I wear his hatred as a badge of honor as it would be far worse for him not to care at all.”

Signings: Tori Amos has teamed up with Universal Republic Records. Her upcoming Universal Republic debut is currently scheduled for a late spring/early summer 2009.

A slew of Executives at Terra Firma involved in the structuring of EMI Music have left the company. To find out who is exiting read here.

The Opening: Guns N’ Roses’ ‘Chinese Democracy‘ debuted at No. 3 with 261,000 copies – not bad for a Best Buy exclusive and without press set-up.

Amazon Launches MP3 Store in the UK with the most recent albums from Kings Of Leon, Coldplay and Girls Aloud being sold for £3. This is another blow to Apple.

New Report: Digital music sales now account for 18 percent of the U.S. music market and will grow to 41 percent in five years according to Forrester Research. The report also said that 55 percent of U.S. online consumers will pay to download digital music in 2013.

Recommended Show: Buffalo rock act Settings will be performing at the Key Club in Hollywood, California tonight. Listen to the songs Walk Away and Creatures.