SiriusXM cuts 8% of its workforce as part of a broader reorganization
Publishing timestamp: 2023-03-06 10:26:54
Summary
SiriusXM announced that it is cutting 8% of its workforce, or 475 roles, as the car radio subscription company has been looking to reorganize its business. CEO Jennifer Witz said in an email to staffers that the layoffs come as SiriusXM is "entering into a new phase" of its business on top of "today's uncertain economic environment." The company has also reduced content and marketing spending, decreased its real estate footprint, and put tighter restrictions on travel and entertainment expenses.
Sentiment: NEGATIVE
Tickers: SIRI,
Keywords: business news, business, music, media, sirius xm holdings inc,
Source: https://www.cnbc.com/2023/03/06/siriusxm-layoffs-reorganization.html