SiriusXM Announces Pandora Acquisition

After years of negotiations, SiriusXM announced it will get Pandora, that is going to end in the formation of the largest global audio entertainment company. The bargain was closed through a roughly $3.5 billion all-stock transaction.

“We have respected Pandora and their group for their popular consumer offering that’s attracted a enormous audience, and are impressed with Pandora’s strategic advancement and stronger execution,” said SiriusXM CEO Jim Meyer. &ldquoWe believe there are significant opportunities to create value for the two companies’ stockholders by combining our complementary companies … Together, we will deliver much more of the best articles on radio to our own enthusiastic and loyal listeners, and attract new listeners, even across both platforms. ”

According to the statement, there’ll be no change to the user encounters for SiriusXM along with Pandora subscribers. SiriusXM’s now supports 36 million North American subscribers and more than 23 million trial listeners. Pandora now provides online radio streaming to more than 70 million users.

“We’ve made enormous advances to lead in sound,” said Pandora CEO Roger Lynch. “Together with SiriusXMwe’re even better positioned to benefit from the opportunities we see in entertainment, including growing our advertising business and expanding our subscription offerings. The powerful combination of SiriusXM’s articles, position in the auto, and superior subscription goods, along with the greatest sound streaming service at the U.S., will create the world’s largest sound entertainment company. ”

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