SiriusXM to lay off 8% of workforce

 

SiriusXM announced that it's laying off 475 jobs (~8% of the workforce) across nearly all departments.  In an email to the employees, CEO Jennifer Witz cites "the uncertain economic environment" among other factors for these layoffs.  Witz writes that the company's investments this year have caused it to reconsider how the "organization is structured."  In November 2022, Witz told the employees that SiriusXM's 2023 plans would include a complete review of the company.  SiriusXM's podcast acquisitions have included Stitcher (for $325M) and Conan O'Brien's Team Coco (for $150M.)  CNBC notes that SiriusXM has been impacted by a decline in automotive sales because new cars often come with satellite radio subscriptions.