Todd Spangler NY Digital Editor In a wide-ranging restructuring, SiriusXM is eliminating 475 jobs — or about 8% of its headcount — with CEO Jennifer Witz citing economic uncertainty and a need to operate with “greater agility and efficiency.” The satellite radio and audio streaming company is the latest media company to pare back its headcount.
Nearly every department across SiriusXM will be affected by the layoffs, Witz wrote in a memo to staff Monday announcing the cuts, which the company disclosed in an SEC filing. “The investments we are making in the business this year, coupled with today’s uncertain economic environment, require us to think differently about how our organization is structured,” Witz wrote.
The “decision to reduce our workforce was required in order for us to maintain a sustainably profitable company.” In the past five years, SiriusXM has expanded through several acquisitions, Witz noted.
That has included Pandora (a deal originally valued at $3.5 billion), podcast network Stitcher (worth up to $325 million) and Conan O’Brien’s Team Coco ($150 million).Read more on variety.com
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