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."
Ben Geman, Energy Reporter at Axios, joins to discuss the latest Middle East tensions, Brent crude price swings, and why gas prices aren’t falling with oil.
Al Root, Associate Editor at Barron's, joins to discuss Tesla’s robotaxis going live in Texas—what it means for autonomy, safety, and the EV race ahead.
Dena Jalbert, M&A expert and CEO of Align Business Advisory Services, on the state of U.S. M&A: deals worth $1–$10 billion (including debt) are surging.
Jeremy Jansen, Head of Supply Chain at Wells Fargo, unpacks the ongoing trade talks between the United States and China as consumers still wonder about tariffs.
A group of Democratic Texas lawmakers is asking Elon Musk to delay his rollout of driverless ‘robotaxis’ in the state this weekend to assure the vehicles are safe enough.
The billionaire slated to takeover the controlling interest in the Los Angeles Lakers has built a career leading businesses investing in everything from sports franchises to artificial intelligence.
IBM Fellow Jerry Chow talks IBM’s expansion of the Quantum Data Center in Poughkeepsie, installing Heron processors that deliver utility‑scale performance.
