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."
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
