Adrian J Cotterill, Editor-in-Chief
Outfront Media Inc. (NYSE:OUT) announced Monday a restructuring and workforce reduction plan that will eliminate approximately 120 positions, representing about 6% of the company’s total employees.
According to a statement released in the SEC filing, the restructuring is intended to support Outfront Media’s goals of increasing sales demand, enhancing customer experience, optimizing internal cost efficiencies, and realigning its organization.
The company estimates it will incur about $18.6 million in total restructuring charges related to the plan. This includes approximately $16.4 million in future cash expenditures, primarily for severance payments, employee benefits, and professional fees, with most of these costs expected to be paid over the next twelve months.
The company projects annualized cost savings of approximately $18 million to $20 million as a result of the plan.
The layoffs are expected to be complete by the end of the second quarter of 2025.
Follow DailyDOOH