When SIRIUSXM reported its Q1 2019 financials (NET NEWS 4/24), it noted its net income experienced a 44% decline, totaling $162 million compared to $289 million year-over-year. The company put that loss on its PANDORA RADIO acquisition, which was completed on FEBRUARY 1st.
That loss has cost some folks their jobs. DIGITAL MUSIC NEWS reports, “according to a memo from [CEO JIM] MEYER, the satellite radio company will let go around 60 staff members. The report says MEYER wrote that due to the acquisition, “both organizations knew that there would be changes to the workforce as we realigned departments, formed new teams, and found we had a greater visibility on the roadmap for the combined companies. We made these changes to better align our resources with business needs.”
DIGITAL MUSIC NEWS adds, “the combined companies have around 4,600 employees. SIRIUSXM will lay off just over 1% of its current workforce.”