SiriusXM Cutting Nearly 500 Jobs
• UPDATED: SiriusXM has become the latest large media firm to face large-scale restructuring to reduce costs, as the company announced today that it’s eliminating 475 jobs — about 8% of its workforce — across “nearly every department,” according to a staff memo from CEO Jennifer Witz, which is enclosed in an SEC filing.
“We are entering into a new phase for our Company,” Witz said. “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. As I shared in November, our planning process for 2023 included an enterprise-wide review of our business to identify opportunities for greater agility and efficiency. 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. 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. However, today’s decision to reduce our workforce was required in order for us to maintain a sustainably profitable company.”
In closing, Witz noted, “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. Again, to those impacted by these changes, I thank you for all that you’ve done to bring SiriusXM to where it is today, and I wish you all the best in your future endeavors.”
• Sadly, the first name we confirmed as downsized is a friend to many in our business: Steve Leeds, who exits after 17 years of serving as VP of Talent and Industry Affairs. Leeds (pictured here with some beloved friends) joined Sirius, pre-XM merger, from his position as SVP at Virgin Records and was given charge to develop relationships for the then pre-Howard Stern satellite operation.
One of Leeds’ earliest contributions was the development of the artist-branded channels, the first being E Street Radio. Leeds also helped launch The Beatles Channel, The Rolling Stones Channel, Who Radio, Pearl Jam Radio and others, as well as numerous limited-run branded channels. He was also instrumental in bringing in major talent including Rosie O’Donnell, Lou Reed, Marshall Chess, B52’s frontman Fred Schneider and coordinating the return of the original MTV VJs! Leeds tells RAMP, “I’m proud of the amazing programming and platform we have built and am looking forward to my next exciting adventure!” That said, Leeds can be contacted at steve@stevenleeds.com.
• If you have been downsized as a result of this restructuring and would like your information published in RAMP, please email me at Kevin@RAMP247.com.
