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Pandora Media Cuts 7% of U.S. Workforce
RADIO ONLINE | Monday, January 16, 2017 |
Pandora Media has announced a reduction in its workforce affecting about seven percent of the company's U.S. employee base. Its board approved the plan on December 15 and affected workers were informed on January 12. In a SEC filing, Pandora said the reduction in force will allow the company to focus and realign existing resources on execution and make further investments in products to drive advertising revenue and subscription growth. Pandora expects the reduction to be completed by the end of the first quarter of 2017.
"We said goodbye to colleagues who have worked tirelessly to make Pandora the force it is today," founder and CEO Tim Westergren wrote in a stockholder letter on Pandora's investor site.
Pandora estimates it will incur about $5 to $7 million of cash expenditures related to employee severance and benefits costs. Total reduction in force costs are estimated at $4 to $6 million.
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