In a memo to staff this morning, SiriusXM CEO Jennifer Witz informed employees that 475 staffers will be laid off.
Witz said nearly every division of the company will be affected by the cuts, saying “Today is one of the most difficult days we’ve had to face as a team, and these changes impact each of us deeply. However, it is my belief that these tough decisions were necessary as we look to capture the opportunity in front of us.
“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,” Witz continued. “However, today’s decision to reduce our workforce was required in order for us to maintain a sustainably profitable company.”
The memo added that SiriusXM employees who would be cut will be notified shortly, and shared her appreciation for their efforts during their tenures.
“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. 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. However, it is critical for us to take the right steps now to secure the long-term health and profitability of our business.”
The news of impending layoffs comes days after the satellite provider shared it brought in $2.283 billion in the final quarter of 2022, up from $2.281 billion in 2021, but parent company Liberty Media’s operating income was down from $529 million to $450 million.
