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Special Edition #5: SiriusXM is cutting jobs.
Some of its current workforce will soon say goodbye to the satellite radio giant.
Monday, March 6th, 2023
Hello everyone. First of all, apologies for not coming in last weekend as my health was not that great. It should be better for this weekend. In the meantime, I come in with a special edition of the newsletter and this is a FIRST on SeriousXM. I’m not going to sugarcoat this one, I’m going right to it.
SiriusXM is laying off some of its staff.
A BREAKING story just after 9:00am ET this morning shows the state of the fragile economy of 2023 thus far and every company has seemed to be impacted in some sort of way. SiriusXM is now no exception to that rule.
An anonymous source (who wishes to remain anonymous for fear of retribution and/or retaliation) has confirmed to me from an email sent by SiriusXM’s CEO Jennifer Witz that the company is planning to lay off 475 employees or about 8% of its current workforce.
The email said that the decision was not made lightly and that, in the words of the email, “it was critical for us to take the right steps now to secure the long-term health and profitability of our business.” It also said that “today’s decision to reduce our workforce was required in order for us to maintain a sustainably profitable company.”
This move was made due to the uncertainty surrounding today’s economic climate, as well as expected investments that will be made into SiriusXM this year, per the email. Witz said it was a “challenging day” for the company.
It doesn’t say who specifically will be impacted by these layoffs, but nearly every department will be impacted, which will include on-the-air folks. The email does say it will provide severance, transitional health insurance coverage, and outplacement services, among other benefits to impacted employees.
Regardless, today is a dark day in SiriusXM's history as it balances adding new services with the cost of employees and management during these tough economic times.
If you know someone who works for the company and has been impacted by these layoffs, please let us know! We want to help spread the word and help those affected find a new job in the radio industry again.
There WILL be more about this in the days and weeks to come so stay tuned.
This has been a special edition of the SeriousXM newsletter. I will be following up on this with any new details and updates that come about so make sure you subscribe and share this newsletter today. For now, enjoy your Monday and the work week ahead.