SiriusXM to Lay Off 8% of Its Workforce

Sirius XM is the latest media company to announce a round of layoffs

The car radio subscription company, known for its commercial-free music and talk radio channels, said Monday it is cutting 8% of its workforce, or 475 jobs.

“We are entering into a new phase for our Company,” CEO Jennifer Witz said in an email to employees on Monday. “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.”

Shares of SiriusXM hit a new 52-week low Monday.

Read the source article at cnbc.com