SiriusXM purchases Pandora for $3.5 billion

SiriusXM will buy Pandora to create world's largest audio company

Subscription radio company SiriusXM says it's buying music streaming service Pandora Media Inc.in a stock deal valued at about $3.5 billion that'll allow it to expand its service beyond cars and into homes and other mobile areas.

The companies hope to cross-promote between SiriusXM's more than 36 million United States subscribers and 23 million annual trial listeners, and Pandora's more than 70 million monthly active users.

SiriusXM's board of directors and Pandora's directors have unanimously approved the acquisition, which is expected to close at some point during the first quarter next year.

Acquiring Pandora (p) could help SiriusXM (siri) attract more digital users.

"The addition of Pandora diversifies SiriusXM's revenue streams with the US's largest ad-supported audio offering".

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"The addition of Pandora diversifies Sirius XM'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 auto even further". "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. Pandora has introduced its own on-demand music service and brought in former Sling TV Chief Executive Officer Roger Lynch a year ago to work on a turnaround.

For Pandora, the music streaming company said the deal would fortify its advertising business, and boost its subscription offerings. The powerful combination of SiriusXM's content, position in the vehicle, and premium subscription products, along with the biggest audio streaming service in the US, will create the world's largest audio entertainment company.

Every Pandora shareholder will receive 1.44 shares of newly issued SiriusXM stock, putting a 13.8% premium on the company's average price over the past 30 days.

Monday's deal gives the pair a market value of about $34 billion, topping Spotify's $31.2 billion and follows through on Sirius' purchase of a 15 percent preferred-stock stake in Pandora for $480 million previous year.

The hedge fund also disclosed a $122 million stake in Pandora-competitor Spotify in its second-quarter filing, though it's possible that either investment could have been sold between the quarter's end on June 30 and today. But it also appeared to leave open the possibility of a shift, saying there would be "no immediate change in listener offerings".

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