×

SiriusXM Lays Off 60 After Completion of Pandora Acquisition

In the wake of SiriusXM completing its $3.5 billion acquisition of Pandora, 60 people have been let go, according to an internal memo sent to the company’s staff by CEO Jim Meyer. A source noted to Variety that not all of the affected employees were at Pandora; the news was first reported by Billboard.

“When we acquired Pandora earlier this year, both organizations knew that there would be changes to the workforce as we aligned departments, formed new teams, and found we had greater visibility on the roadmap for the combined company,” the memo, acquired by Variety, reads. “Because of that, today we made a reduction in our ranks of less than 60 team members. Changes like these are difficult, and I want to take a moment to recognize the contributions each of those individuals gave to both Pandora and SiriusXM. Their work and focus helped put us in the leadership position we have today. We’ve made these changes to better align our resources with business needs.”

“The opportunities for SiriusXM and Pandora together are exciting, and, now more than ever, I need your focus and dedication on the work at hand,” the memo concludes. “And I want to thank you for everything you do.”

Shortly before the acquisition was complete, Pandora announced that Roger Lynch, its CEO since 2017, and several other executives would step down, with Lynch’s roles being absorbed by Meyer. Earlier this month Lynch was named CEO of Conde Nast.

Sirius announced record revenue of $1.5 billion and $5.8 billion for the fourth quarter and year of 2018, respectively, increasing 7% and 6% compared to the prior year periods.

More Digital

  • La Linea Invisible

    Mariano Barroso Shoots Basque Conflict Origins Story ‘La Linea Invisible’

    IRUN, Spain  — When- and why – do people begin to kill for a cause? Having created “What the Future Holds,” maybe the best reviewed to date of any Movistar + Original Series, Spain’s Mariano Barroso (“The Wolves of Washington”) tackles this question head on in “La Línea Invisible,” a six-part series, again from Movistar [...]

  • The Lion King

    ‘The Lion King’ Tops Studios’ TV Ad Spending

    In this week’s edition of the Variety Movie Commercial Tracker, powered by the always-on TV ad measurement and attribution company iSpot.tv, Walt Disney Pictures claims the top spot in spending with “The Lion King.” Ads placed for the remake had an estimated media value of $5.64 million through Sunday for 1,290 national ad airings on [...]

  • Apple Plans to Fund Podcast Exclusives:

    Apple Reportedly Plans to Fund Original Podcasts

    Apple has plans to open its checkbooks for podcasts that would be exclusive to its podcasting apps, Bloomberg reported Tuesday. The investments would help the company defend its market leadership in an increasingly crowded field, and fend off competitors like Spotify, Pandora and Luminary. News of the plans sent Spotify’s stock down more than 3%; [...]

  • LiveXLive Names AOL and MTV Vet

    LiveXLive Names AOL and MTV Vet Dermot McCormack President

    Live entertainment digital media company LiveXLive Media today announced that AOL and MTV veteran Dermot McCormack has been named president of the company. According to the announcement, McCormack will lead the business and creative operations of LiveXLive, effective immediately. McCormack previously served as AOL’s Global President of Video and Studios, where he oversaw the video [...]

  • Recording Studio

    Cloud-Based Music Mastering Platform Landr Raises $26 Million

    Cloud-based music mastering and distribution platform Landr has raised a $26 million Series B round of funding. The new founding round was led by the Sony Innovation Fund, microphone manufacturer Shure, state-owned financing corporation Investissement Québec and Fonds de solidarité FTQ. Warner Music, Plus Eight Equity Partners, Slaight Communications, YUL Ventures and PEAK Capital Partners [...]

More From Our Brands

Access exclusive content