A view inside SiriusXM Studios on March 04, 2019 in New York City. (Photo by Noam Galai/Getty Images)
Joining the likes of Spotify, Microsoft, and Google, SiriusXM on Monday said it's laying off 8 percent of its workforce, or about 475 employees, in response to flagging subscriber growth.
The satellite radio firm warned earlier this year that it was anticipating a drop off in subscribers due to widespread fears of a recession in 2023. At the same time, Sirius relies heavily on advertising revenue from car companies, which have seen weaker sales in recent months.
"We streamlined our non-headcount costs by reducing content and marketing spend, decreasing our real estate footprint, and most recently, implementing tighter restrictions in our Travel and Entertainment policy," CEO Jennifer Witz said in a letter to staff. "However, today’s decision to reduce our workforce was required in order for us to maintain a sustainably profitable company."
She added that "nearly every department across SiriusXM will be impacted" as the company implements a new, more streamlined organizational structure.
Employees getting laid off will receive exit packages that include "severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services."
"Today is one of the most difficult days we’ve had to face as a team, and these changes impact each of us deeply," wrote Witz. "However, it is my belief that these tough decisions were necessary as we look to capture the opportunity in front of us."
David Wright, President and owner of Wright Financial Group, shares his thoughts on why the Federal Reserve seems hesitant to cut rates, and why regional bank stocks could help move the needle.
Disney and Fortnite-maker Epic Games will collab on making new video games with Disney characters. Hopefully it will be more than Mickey Mouse hitting the Griddy.
Hershey is cautioning on its 2024 profit growth as the company contends with rising cocoa costs, leading to increased prices for chocolate. The company anticipates its full-year earnings per share being relatively flat, partly due to higher cocoa and sugar costs.
Prince Harry has reached an out-of-court settlement with a tabloid newspaper publisher that invaded his privacy with phone hacking and other illegal snooping. Attorney David Sherborne said that Mirror Group Newspapers had agreed to pay Harry’ “substantial” costs and damages.
An attorney representing passengers of an Alaska Airlines flight that lost a door plug in midair says a “whistling sound” was heard on a previous flight of the same Boeing 737 Max 9.
What do Arnold Schwarzenegger, Aubrey Plaza, and Tom Brady all have in common? You'll see them on Super Bowl Sunday, but not on the field. If you only watch the Super Bowl for the ads, here's a sneak peek.
