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SiriusXM announces 475 job cuts in latest media cuts cuts

By Nithya Bose in US business news, posted March 7, 2023

SiriusXM is cutting 475 jobs as part of a broad restructuring.

It becomes the latest media company to make big job cuts as advertisers tighten their belts as the economy remains uncertain.

CEO Jennifer Witz said in a memo to staff that the cuts will hit “nearly every department across SiriusXM” due to an “uncertain economic environment.”

Employees impacted by the layoffs were notified on Monday, March 6.

The news comes after the radio giant said last month that it expects a slight fall in subscribers this year.

It is because “economic and demand uncertainty persists” and automakers grapple with supply chain challenges.

Witz said: “We are entering into a new phase for our company,” with the economic climate “requir[ing] us to think differently about how our organization is structured.”

The firm has been reviewing its cost structure since November.

She added that it took measures like cutting expenses on content and marketing, shrinking its real estate footprint, and limiting staff travel.

But the “decision to reduce our workforce was required in order for us to maintain a sustainably profitable company.”

Layoffs have been widespread in the media sector recently, with organizations like CNN, NBC News, MSNBC, Gannett, and The Washington Post trimming their workforces.

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Media companies that haven't laid off employees have taken significant steps to save costs.

The advertising slowdown has also had a significant impact on the tech sector.

In recent months Google parent, Alphabet, and other tech giants, including Meta, Microsoft, and Amazon, slashed thousands of employees.

Source: CNN

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