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.
The deal was structured by a subsidiary of SiriusXM purchasing an aggregate of $480 million in Series A convertible preferred stock, representing a stake of approximately 15% on an as-converted basis. Its combined revenue with Pandora will go up to $7 billion and the userbase will be at almost 100 million (36 million SiriusXM subscribers and over 70 million monthly Pandora users).
Following the completion of the transaction, there will be no immediate change in listener offerings, according to both companies.
The Pandora purchase will help SiriusXM provide signifcant ad inventory to marketers that are turning to automation for digital audio advertising.
Modric threatens to end Ronaldo-Messi era as world's best
Initial reports suggested that the results had been given in advance to Ronaldo and his team, which is why he snubbed the event. He is nominated for goal of the year for an effort, ironically, against the team he would go on to join, Juventus .
Broadcast radio, which has been feeling the same pressure from streaming, will now also have to fend off the combined strength of SiriusXM and Pandora.
Creating a promotional platform for emerging and established artists, curated and personalized in ways to deliver the most compelling audio experience that connects artists to their fan bases, as well as new listeners. "Together, we will deliver even more of the best content on radio to our passionate and loyal listeners, and attract new listeners, across our two platforms", Jim Meyer said.
The all-stock transaction values Pandora at US$10.14 a share, about 12 per cent more than the company's closing price on Friday. The company believes it can create "cross-promotion opportunities" through the acquisition and build "unique audio packages" that can work across both services.
Pandora shares rose 9.5 percent to $9.95 in early US trading.
SiriusXM hopes to close the deal in the first quarter of 2019. Pandora also has a "go-shop" period in which it can solicit other offers from third parties.
Leonard spent 73 games on the bench last season with a quad injury, which caused the team to question the severity of the injury. It's a great organzation and I was happy Danny [Green] was coming with me.
Well, it retains Bluetooth as well as aux output, which apparently let you hook it up to a bigger speaker ( if you have one ). The other product spotted is the Amazon Smart Plug , which allows you to add Alexa voice control to any electrical socket.
Michael Kors and private equity firm Blackstone, which owns 20% of Versace, did not immediately respond to a request for comment. The 40-year-old fashion house returned to profit in 2017 and reported revenue of almost $800 million.
Mr Kavanaugh's nomination hangs precariously, with a handful of senators in both parties undecided on his nomination. Taylor Foy, a Judiciary spokesman, complained that Democrats "actively withheld information" from the Republicans.
That equates to an increase of about 1 million bpd, but the latest data shows they are some way from achieving that target. The next meeting of the conference - the full group of OPEC and non-OPEC ministers, is not until December.
The Argentina worldwide overtakes a former Barcelona team-mate, Dani Alves, who previously occupied the record with 422 outings. Gerard Pique levelled the game in the 63rd minute but the Catalan giants were unable to grab a victor in the remaining time.
A caller lost his temper with the Labour front bench for "changing their stance" on Brexit and the idea of a second referendum. The move was quickly dropped but party leader Jeremy Corbyn refused calls to offer his support for the under-fire MP .
Grassley said the Senate Judiciary Committee has offered to hold a hearing with Ford in any format, time and place of her choice. He said he was "disturbed" to hear that she had been facing threats and harassment but urged her to speak before the committee.
According to StatsCounter, Chrome holds almost 60 percent of the marketshare, so opinions are bound to be all over the place. And this is where Green, who also said he had quit using Chrome, reserved some of his harshest criticism for Google.
Messi and Ronaldo to decide world's best young player
But there will be a relatively little-known Australian, Riley McGree , among them as he eyes the coveted goal of the year award. The former Tottenham midfielder's hopes of breaking the 10-year Messi/Ronaldo duopoly are based on two pillars.
Rare two-headed venomous snake offers double the nope
The snake was found in a yard in Woodbridge and is young, at about two weeks old and small, at about 6 inches long, J.D. Kleopfer an amphibian specialist for the Virginia Department of Game and Inland Fisheries told the outlet.
Iran arrests 'large network' over Ahvaz attack
The attack killed at least 25 people nearly half of them members of the country's elite Revolutionary Guards . Nikki Haley, the USA ambassador to the United Nations, rejected Iran's accusations.
49ers Fear Jimmy Garoppolo Suffered Torn ACL Against Chiefs
In the split second before Garoppolo was blasted by Nelson, his knee left knee buckled, leaving him on the turf in obvious pain. The 49ers are 1-2 and crossing their fingers about their quarterback. 49ers: Play the Chargers in Los Angeles next Sunday.
Donald Trump hints he may 'get rid of' Rod Rosenstein
John McCain, who died away last month, for sinking the GOP health care bill, though he did not mention the late war hero by name. Bromwich, released statement saying his client did not leak the memos he made while at the Federal Bureau of Investigation .
Moto One Power launched in India, prices start Rs 15,999
The Motorola One Power features a 16MP+5MP dual-rear camera setup, while at the front it features an 8MP selfie camera. The Motorola Power One is priced at INR 15,999 and will be available exclusively on Flipkart , starting October 5.