Pandora is being purchased by SiriusXM for $3.5 billion

George Soros

Last summer, the satellite broadcaster invested $480 million in cash in Pandora in exchange for a 19% stake.

The combination brings together SiriusXM's base of over 36 million subscribers across North America and 23 million+ annual trial listeners, and Pandora's 70 million monthly active users.

Following the completion of the transaction, there will be no immediate change in listener offerings, according to both companies.

The purchase will allow SiriusXM's satellite radio service to benefit from Pandora's strong mobile use and its advertisers.

A pioneer of the Internet radio market, Pandora couldn't fend off the likes of Spotify and Apple Music in recent years, merely releasing a direct rival for the two hugely popular music streaming services in 2017.

More news: Theresa May warns of two main issues holding up Brexit negotiations

The Pandora purchase will help SiriusXM provide signifcant ad inventory to marketers that are turning to automation for digital audio advertising.

Looking ahead, SiriusXM said that it plans to continue to operate both services post-acquisition. Cross-promotion for artists is also on the docket.

In a statement, Meyer said, "We believe there are significant opportunities to create value for both companies' stockholders by combining our complementary businesses". It's not yet clear how or if the strategies of SiriusXM and Pandora will change in light of the acquisition, but Pandora CEO Roger Lynch said, "There's no shortage of ideas that [SiriusXM CEO Jim Meyer] and I have had on things we can do together, everything from the content side to things we can bundle in the vehicle".

Sirius XM and Pandora said the transaction is expected to be completed in the first quarter of next year. Based on the 30-day volume-weighted average price of $7.04 per share of SIRIUSXM common stock, the implied price of PANDORA common stock is $10.14 per share, representing a premium of 13.8% over a 30-day volume-weighted average price. It is subject to approval by PANDORA stockholders, expiration or termination of any applicable waiting period under the HART-SCOTT-RODINO Antitrust Improvements Act and certain competition laws of foreign jurisdictions and other customary closing conditions.

SiriusXM stock was slightly lower in premarket trading following the announcement.

Related News:

  • Officer accused in shooting death of neighbor fired by Dallas Police Dept.

    Officer accused in shooting death of neighbor fired by Dallas Police Dept.

    Guyger claimed the door was ajar and she was able to open it. She has been charged with manslaughter for Jean's death. She was terminated after a hearing Monday morning.
    Sirius to Acquire Pandora in $3.5 Billion Online Radio Deal

    Sirius to Acquire Pandora in $3.5 Billion Online Radio Deal

    SiriusXM now owns convertible preferred stock in Pandora that represents a stake of approximately 15% on an as-converted basis. Six million users pay for Pandora's premium services, according to the company's most recent earnings report.
    Russia, Turkey agree borders of demilitarized zone in Idlib

    Russia, Turkey agree borders of demilitarized zone in Idlib

    The deal between Russian Federation and Turkey on a demilitarized zone in Syria's Idlib is an interim step, Lavrov said. Turkey will continue taking necessary steps on reinforcing the 12 observation points in Idlib , Kalin stressed.
  • Privacy concerns flare over latest Chrome browser's 'forced login'

    Privacy concerns flare over latest Chrome browser's 'forced login'

    If you log into any Google service on that browser, it will automatically log Chrome into the corresponding Google account. Sync isn't enabled by default, meaning there's not much of a change for users from a practical privacy standpoint.
    Six Flags Fright Fest 30-Hour Coffin Challenge

    Six Flags Fright Fest 30-Hour Coffin Challenge

    Six Flags Saint Louis is challenging six people to spend 30 hours in a coffin in honor of its 30th year of Fright Fest. Plus ones will be allowed during operating hours, but coffin dwellers will be alone during non-operating hours.
    Bill Cosby to Be Sentenced This Week

    Bill Cosby to Be Sentenced This Week

    Defense attorneys would be allowed to cross-examine witnesses, said Kate Delano, spokeswoman for the county prosecutor's officer. The judge saw it differently and released him on $1 million bail, ordering him to remain at his home until sentencing.
  • HMD Global unveils Nokia 5.1 Plus with AI capabilities at Rs 10,999

    HMD Global unveils Nokia 5.1 Plus with AI capabilities at Rs 10,999

    The smartphone is priced aggressively in the sub-continent and we can thank the company's partnership with Flipkart for this. On the camera front, the handset boasts of an 8-megapixel selfie camera with f/2.2 aperture and 80.4-degree FoV.

    Labour politicians join marchers to demand People’s Vote on Brexit deal

    Starmer was asked by journalists about John McDonnell's comments following a Brexit fringe event at Labour party conference. May's Conservative Party criticised Corbyn for his move.
    Kavanaugh and his accuser are both getting death threats

    Kavanaugh and his accuser are both getting death threats

    Ford's claim that he drunkenly assaulted her at a house party in the 1980s. Organizers say more than 1,000 women from the school signed the letter.
  • Woman Finds Rare Two-Headed Viper Outside Her Virginia Home

    Woman Finds Rare Two-Headed Viper Outside Her Virginia Home

    He said: "They inject venom, which causes tissue destruction and platelet loss, which causes bleeding and can cause death". For some, the mere sight of a slithering venomous snake with one head is enough to make their hair stand on end.
    Pet Store Puppies Are Spreading Antibiotic-Resistant Bacteria

    Pet Store Puppies Are Spreading Antibiotic-Resistant Bacteria

    Bober said that disease will arise on occasion, but the reward of having a pet far outweighs the risks of becoming infected. Those with compromised immune systems can be severely afflicted and complications can lead to paralysis or even death.
    China and Vatican agree to landmark deal on bishop appointments

    China and Vatican agree to landmark deal on bishop appointments

    If not, "both sides will engage in a dialogue, and Beijing would eventually be expected to submit the name of another candidate". Beijing generally requires states that develop ties with China, sever formal diplomatic relations with Taiwan.


Most liked

Barcelona's Ernesto Valverde perplexed by Clement Lenglet's red card with Girona
Uruguayan striker Stuani struck again in the 51st to give Girona , only playing their second season in Spain's top flight, an unlikely lead.

BUMBLEBEE Official Trailer #2 (2018) Haileen Steinfeld Sci-Fi Movie
On the run in the year 1987, Bumblebee finds refuge in a junkyard in a small Californian beach town. The studio convened a writers' room to brainstorm ideas for the Transformers cinematic universe.

Walcott: Everton can be better than Arsenal
Wenger was synonymous with a purity of style but he came to be accused of giving his players an easy ride. "It comes from the everyday work and the manager's way of playing the game as well".

Anti-Kavanaugh Lawyer Claims Hearing Would Impede 'The Truth'
He has categorically denied her allegations, which suddenly put Kavanaugh's nomination on hold, as lawmakers seek answers. Capitol Police spokeswoman Eva Malecki says an additional 33 people were arrested Thursday afternoon on the same charge.

Barrick Gold buys Africa's Randgold to become world's biggest gold miner
Two-thirds of the directors of the combined company will be nominated by Barrick while one-third will be nominated by Randgold. Thornton will be executive chairman, while Randgold chief executive Mark Bristow will be president and chief executive.

Trump defends court nominee: 'I am with him all the way'
Ford's testimony, Judge Kavanaugh will appear again before the committee", according to a statement from the committee. Deborah said she chose to speak out because she wants to work toward "human rights, social justice and social change".

Hayabusa2 Japanese robots send incredible photos from Ryugu asteroid
Hayabusa 2's mission will run through December 2019, so the collection of samples won't reach Earth until the end of 2020. One picture from the surface is blurred as it was taken mid-jump.

College classmate claims Kavanaugh exposed himself to her at party
Leland Keyser, a friend of Ford who said she believes Ford's account, similarly had no direct recollection of the gathering. Many did not respond to interview requests; others declined to comment, or said they did not attend or remember the party.

Trump tweet biggest insult to USA allies in ME: Iran
The Iranian oil minister warned that OPEC's authority is being jeopardized by the USA shadow effect on the allies in the region. Iranian Oil Minister Bijan Zanganeh said Trump's tweet "was the biggest insult to Washington's allies in the Middle East".

Amazon unveils voice-controlled Echo smart power plug
Amazon Echo Smart Plug This device also got listed on the Amazon UK website priced at Euro 95, which is roughly Rs 8,000. To know what is happening with other smart devices in a home, the Echo speaker needs to be connected to them.

Apple's new iPhones, Watch Series 4 now on sale
For other users, the feature needs to be turned on manually by going into the Emergency SOS settings under the My Watch Tab menu. That said, so far many people have reported the Apple Watch 4 to be capable of identifying real falls from pretend ones.

A Rope Snapped, and 49 Days Lost at Sea Followed
One day his rompong was circle by a shark. "He drank by sipping water from his clothes that had been wetted by sea water". Aldi Novel Adilang, 19, is a lamp keeper for a floating fish trap which was located 77 miles off the coast of Indonesia.

Russia blames Israel for downing of plane by Syrian forces
Israeli military, however, said that Syria's indiscriminate air defence fire was the cause of plane crash. It again offered condolences to Russian Federation .

China snubs USA talks as tariffs swing broadside
Beijing and Washington are locked in a festering trade war with both sides hitting each other's goods with tariffs worth billions. Some analysts say there is also a risk that China could allow its currency to weaken again to cushion the blow to its exporters.

UK Labour seeks to solve Brexit split, anti-Semitism row
Shadow Chancellor John McDonnell said staying in the European Union would not be an option in a new Brexit referendum. Campaigners argue that such a vote would not be a second referendum, but the first on a different question.