SiriusXM Cutting 8% of Workforce Across All Departments

thewrap.com:

via company memo, citing the company’s “new phase” and “today’s uncertain economic environment.” Witz also confirmed that “nearly every department across SiriusXM will be impacted.”“We believe the new operational design will allow us to move faster and more effectively as we take on new challenges across our business,” Witz wrote.

The satellite radio company is the latest of many media and entertainment companies this year – including Microsoft Corp and Google-parent Alphabet Inc. – to retool its staff with varying degrees of layoffs.

In February, the company said it expects to lose subscribers in 2023 as many consumers brace for a recession.Read Witz’s memo below:Good Morning,I have some difficult news to share.

After a review of our business, we have made the decision to reduce the size of our workforce by 475 roles, or 8%. Unfortunately, this will mean saying goodbye to talented colleagues across the organization.Over the course of the day today, impacted employees will begin receiving invitations to join meetings with their respective leader and a member of our People + Culture team.I want to acknowledge that this is going to be a challenging day, especially for those departing from the Company, and I’d like to extend my deepest gratitude to everyone for their contributions to SiriusXM.