SiriusXM has acquired Pandora in an all-stock transaction valued at approximately US$3.5 billion, reported the Financial Times.
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.
Executives said they expected to offer SiriusXM programming, which includes popular radio personalities like Howard Stern, on Pandora as part of new audio packages, while also seeking to bolster Pandora distribution in cars. SiriusXM last year agreed to a buy a stake in Pandora.
“The addition of Pandora diversifies SiriusXM’s revenue streams with the US’s largest ad-supported audio offering, broadens our technical capabilities, and represents an exciting next step in our efforts to expand our reach out of the car even further,” said Jim Meyer, the CEO of SiriusXM.
Full Content: Financial Times
