SiriusXM, one of the country's biggest broadcasting companies, is reported to sack almost 500 employees at the end of the first quarter of 2023.
Providing satellite and online radio services to more than a million listeners nationwide and to a larger audience worldwide, SiriusXM is the home to hundreds of radio shows, including The Howard Stern Show, Savannah Guthrie and Hoda Kotb's The TODAY Show, Radio Andy, Kevin Hart's "LOL RADIO," and even politics shows like Michael Smerconish's "POTUS (Politics Of The United States)," among many other shows.
According to a Variety report, SiriusXM will be laying off 475 employees from their various departments.
Chief Executive Officer Jennifer Witz said in a statement to the publication that they will be sacking almost 8% of their overall headcount. The layoffs weren't just concentrated on one department or division; in Witz's letter, nearly every department across Sirius XM will be affected by the huge cuts.
Witz attributed the layoffs to "investments" that the company will be making this year, along with the "uncertain economic environment" in the country. She furthered that the move was made by the higher-ups to maintain a "sustainably profitable company."
In November 2022, SiriusXM identified opportunities within the company where they could enforce greater "agility and efficiency." They have also streamlined their non-headcount costs by reducing content and marketing efforts. The company has also tightened its belt on its travel and entertainment policies.
"This was not an easy decision to make, nor one we took lightly. However, it is critical for us to take the right steps now to secure the long-term health and profitability of our business," Witz said in a letter obtained by the publication.
Despite acquiring new assets in the past month, the company has decided to restructure operational functions and has consolidated teams to achieve an optimal process to achieve the company's goals effectively and efficiently.
In the past few years, the company has acquired various entities, including Pandora, with a whopping $3.5 billion deal, renowned podcast network Stitcher for a $325 million contract, and Conan O' Brien's Team Coco for $150 million.
"Today is one of the most difficult days we've had to face as a team, and these changes impact each of us deeply. However, it is my belief that these tough decisions were necessary as we look to capture the opportunity in front of us," she furthered.
Sirius XM is owned by Liberty Media, the same company that owns Formula One and the Atlanta Braves Major League Baseball Team.
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