Subscription radio company SiriusXM is buying music-streaming firm Pandora Media Inc. in an all-stock deal the companies said they value at about $3.5 billion. For every share of Pandora they own, shareholders will get 1.44 of newly issued shares of Sirius XM, the companies said in their announcement Monday. (WSJ)
SiriusXM has 36 million subscribers in North America. It was formed with the merger of the Sirius and XM satellite radio services in 2008. (CNN)
Acquiring Pandora would make SiriusXM the world’s largest audio entertainment company, with more than $7 billion in combined revenue expected in 2018. The deal would bring together SiriusXM’s 36 million subscribers in North America and Pandora’s more than 70 million monthly active users. (CNBC)