Radio and streaming platform Sirius XM Holdings Inc. on Monday said it would lay off 8% of its workforce, or 475 positions, saying the move was necessary for the company’s long-term health amid a wobbly economy.
Sirius... Radio and streaming platform Sirius XM Holdings Inc. on Monday said it would lay off 8% of its workforce, or 475 positions, saying the move was necessary for the company’s long-term health amid a wobbly economy. “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,” she said.
Among other acquisitions, Sirius acquired the streaming service Pandora in 2019, and the podcasting platform Stitcher in 2020. Last year, it acquired Conan O’Brien’s media company Team Coco, which includes the podcast “Conan O’Brien Needs a Friend.”During Sirius’s quarterly earnings call last month, Witz said Sirius closed out 2022 with record Ebitda — or earnings before interest, taxes, depreciation and amortization — and said it had added subscribers.