Pandora Redesigns Organization to Drive Strategic Priorities and Accelerate Growth
PANDORA MEDIA (P)
Last pandora media earnings: 7/31 04:01 pm
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US:NYSE Investor Relations:
investor.pandora.com
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Source: Business Wire
OAKLAND, Calif.--(BUSINESS WIRE)-- Pandora (NYSE:P), the largest music streaming service in the U.S., today announced an organizational restructuring designed to prioritize its strategic growth initiatives and optimize overall business performance. The redesign shifts resources to focus on ad-tech and audience development efforts while positioning the company for improved operating leverage over time. It also simplifies the organization into a flatter structure for smarter, faster execution. Effective immediately, a combination of eliminated roles and other cost-saving measures are expected to result in combined annualized savings of approximately $45 million to adjusted EBITDA. The savings will be reinvested into growth initiatives including ad-tech, non-music content, device integration and marketing technology, toward which the company will redeploy existing employees and hire for new positions.
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