SiriusXM To Acquire Pandora For $3.5 Billion

CNET reports:

SiriusXM will acquire Pandora in a $3.5 billion all-stock deal, the companies announced Monday. The deal between SiriusXM — a satellite radio company — and Pandora — a music streaming company — will create the world’s largest audio entertainment company, they said in a joint release. The companies hope to cross-promote between SiriusXM’s more than 36 million US subscribers and 23 million annual trial listeners, and Pandora’s more than 70 million monthly active users.

CNBC reports:

Pandora stock has soared nearly 90 percent during the past year. While the music streaming business is thick with competition — names such as Spotify, Amazon and Apple have their own platforms — Pandora reported a smaller-than-expected earnings loss for its second quarter and announced it had about 6 million premium subscribers. SiriusXM expects the deal to close in the first quarter of 2019.