March 6 (UPI) — Sirius XM Holdings Inc., which dominates the satellite radio and online radio landscape in the United States, told employees on Monday it was reducing its workforce by 8%, laying off nearly 500 people.
In a message to employees, Sirius XM’s CEO Jennifer Witz said the “uncertain economic environment,” coupled with new investments, made it necessary for the company to trim payroll. In all, she said 475 jobs will be eliminated.
Witz said laid-off employees will receive invitations to join meetings with their respective leader and a member of our People + Culture team to discuss their next steps and explanation of the exit package being offered.
She said as part of Sirius XM’s overall belt-tightening, it has also reduced content and marketing spending, decreased its real estate footprint along with limiting its travel and entertainment expenses.
“I want to acknowledge that this is going to be a challenging day, especially for those departing from the company, and I’d like to extend my deepest gratitude to everyone for their contributions to SiriusXM,” Witz said in her message.
“Regardless of the team, level, or tenure, you played a role in bringing our company to where it is today and for that we are grateful. This was not an easy decision to make, nor one we took lightly.”
The announcement comes on the heels of numerous media and technology companies making similar reduction plans over the past several months. Google, Ebay, Amazon and Salesforce are just a small list of tech companies announcing staff reductions already this year.
Witz told employees the current economic climate is forcing Sirius XM “to think differently about how our organization is structured.” She said in November, they went under a company-wide review before coming the decision to conduct layoffs.
“As part of this effort, we identified areas in which we could limit discretionary spending to minimize the impact of any additional needs for staff reductions,” Witz said. “However, today’s decision to reduce our workforce was required in order for us to maintain a sustainably profitable company.”
