SiriusXM is the latest media company to lay off staff as the industry retrenches. CEO Jennifer Witz said today the satellite radio broadcaster, podcaster, owner of streaming music service Pandora and home to Howard Stern, will be cutting 475 jobs, or 8% of its workforce “to secure the long-term health and profitability of our business.” She noted that cost cuts across the board including in marketing, real estate and travel and entertainment haven’t been enough to offset investments in the business this year “coupled with today’s uncertain economic environment.” The company needs “to think differently about how our organization is structured,” she said in a memo to staff.
Full memo from Witz: 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.Read more on deadline.com
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