A coextruded heat-shrinkable, biaxially-oriented multilayered packaging film comprising a first layer, a second polymer layer, a third polymer layer, and a fourth polymer layer wherein the first polymer layer comprises a first ethylene/.alpha.-olefin copolymer preferably, an ethylene/.alpha.-olefin copolymer having an .alpha.-olefin comprising 4 8 pendant carbon atoms, a melting point of less than 105.degree. C., a molecular weight distribution M.sub.w/M.sub.n of from 1 2.7, a melt index of from 6.5 34 g/10 min. at 190.degree. C., and is present in the first layer is an amount of from 50 100%, based on the total weight of said first layer. The second layer comprises a second ethylene/.alpha.-olefin copolymer having a melt index of from 0.85 6.0 g/10 min. Preferably, A is the cumulative total weight percentage of the first ethylene/.alpha.-olefin copolymer in all layers of the film and B is the cumulative total weight percentage of the second ethylene/.alpha.-olefin copolymer in all layers of the film, such that the relative amounts A and B satisfy the relationship 2A/B.ltoreq.1. The invention includes a package comprising the coextruded heat-shrinkable, biaxially-oriented multilayered packaging film.