SiriusXM radio announces layoffs, joining growing list of tech companies cutting jobs
The satellite radio company SiriusXM plans to cut 475 jobs, or 8% of its workforce, as part of broader restructuring efforts due to new business investments and economic uncertainty, according to a Monday SEC filing.
The layoffs will impact nearly every department and follow a November review to identify areas where the company could improve agility and efficiency, CEO Jennifer Witz said in an email sent to employees Monday morning.
Witz said SiriusXM, which owns Pandora, had already reduced content and marketing spend, decreased its real estate footprint, and tightened restrictions in its travel and entertainment policy to curtail costs.
"However, today’s decision to reduce our workforce was required in order for us to maintain a sustainably profitable company," Witz said.
Tech layoffs continue
SiriusXM joins a growing wave of sweeping layoffs across the tech industry in recent months. Tech giants Meta and Amazon notably announced job cuts that would impact thousands of workers after a pandemic hiring boom.
Impacted SiriusXM employees will receive severance packages, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services, Witz said.
SiriusXM makes most of its revenue from subscriptions, but it anticipates it could lose subscribers in 2023 due to economic conditions and "soft" car sales, according to a February earnings release.
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