Amazon Restructures Audio Business, Lays Off 110 at Wondery as CEO Departs

Amazon.com Inc. (NASDAQ:AMZN) is one of the most profitable growth stocks to buy according to billionaires. On August 4, Amazon announced a restructuring of its audio business, which will result in the layoff of roughly 110 employees from its Wondery podcast division. As part of this reorganization, Wondery CEO Jen Sargent is stepping down from her role.

The news comes ~5 years after Amazon acquired Wondery as part of its push into original audio content, with hit shows such as “Dirty John” and “Dr. Death.” According to a memo from Steve Boom, Amazon’s vice president of audio, Twitch, and games, the company is consolidating some Wondery teams.

The teams responsible for narrative podcasts will be integrated into the Audible division, while the teams for “creator-led shows,” such as Jason and Travis Kelce’s “New Heights” podcast and Dax Shepard’s “Armchair Expert,” will move to a new “creator services” unit within Amazon. Boom explained that the podcast landscape has evolved, with a rise in video podcasts that require different strategies for discovery, growth, and monetization compared to audio-first series.

Amazon.com Inc. (NASDAQ:AMZN) engages in the retail sale of consumer products, advertising, and subscription services through online and physical stores in North America and internationally.

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Disclosure: None. This article is originally published at Insider Monkey.