SiriusXM cutting more than 450 jobs
Editor’s note: This story has been updated to reflect Jennifer Witz’s correct spelling.
Radio giant SiriusXM is slashing hundreds of jobs in what the company says is a cost cutting measure.
In a note to SiriusXM employees on Monday, CEO Jennifer Witz said the company will cut eight percent of its workforce, amounting to some 450 jobs, after a recent review of the outlet’s business.
“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,” Witz said.
The CEO said SiriusXM in recent months had identified areas in which it could “limit discretionary spending to minimize the impact of any additional needs for staff reductions.”
The outlet recently slashed its content and marketing budget, decreased its physical real estate footprint and cut back on travel and entertainment expenses.
The layoffs, however, were necessary “in order for us to maintain a sustainably profitable company,” Witz said.
SiriusXM is just the latest in a slew of national media organizations that have undergone job cuts or staff reductions and implemented other cost reducing measures over the last several months. National Public Radio announced last month it would cut around 10 percent of its workforce, citing similar economic concerns.
Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.