SiriusXM to acquire Pandora for $3.5B

Monday, 24. September 2018 13:17

Sirius XM Satellite Radio announced on Monday it is buying music streaming service Pandora in an all-stock deal valued at $3.5 billion. According to the release, the combination creates the world's largest audio entertainment company, with more than $7 billion in expected pro-forma revenue in 2018. The transaction is expected to close in the first quarter of 2019.

"The addition of Pandora diversifies SiriusXM's revenue streams with the U.S.'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. Through targeted investments, we see significant opportunities to drive innovation that will accelerate growth beyond what would be available to the separate companies, and does so in a way that also benefits consumers, artists, and the broader content communities," said Jim Meyer, SiriusXM CEO.

Pandora's shares jumped 9.9% in pre-market trade.

Related Links: Sirius XM Holdings Inc.Pandora Media Inc.
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