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.

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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.

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