SiriusXM acquires Pandora for $3.5 billion

Pandora's search for a buyer is over. SiriusXM, which previously invested $480 million in the music streaming service, is now acquiring it outright in an all-stock deal worth $3.5 billion. It gives the satellite radio company access to Pandora's 80 million monthly users, including the 5.6 million paying members signed up to its Premium service.

Sure enough, Pandora's CEO Roger Lynch -- who took over from interim CEO Naveen Chopra after co-founder Tim Westergren announced he was leaving the role -- says the massive merger will help it to grow its ad business and subscription offerings. "The combination creates the world's largest audio entertainment company, with more than $7 billion in expected pro-forma revenue in 2018," said SiriusXM in a blog post announcing the buyout. The move should help Pandora on its path to profitability as it faces off against bigger rivals Apple and Spotify.

Source: SiriusXM



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