SiriusXM has announced an 8% cut in its workforce. The move will result in 475 roles being cut across all departments.
According to a memo from SiriusXM CEO Jennifer Witz, “We are entering into a new phase for our Company. 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…..today’s decision to reduce our workforce was required in order for us to maintain a sustainably profitable company.”
Witz wrote, “Over the past five years, our business has grown and expanded with the addition of new acquisitions, business lines, and revenue streams. Now, we have completed an assessment of our departments and functions to determine where we can improve collaboration, consolidate teams to achieve greater efficiencies, and ultimately, design an organization structure that is best positioned to achieve our priorities. As a result, nearly every department across SiriusXM will be impacted. We believe the new operational design will allow us to move faster and more effectively as we take on new challenges across our business.”
The cutbacks started Monday.
iHeart will be next. Watch for it.