SiriusXM to Acquire Music Streaming Company Pandora

As it turns out, the next step in this strategy is a corporate acquisition, made official earlier today by SiriusXM.

Sirius XM Holdings Inc said on Monday it will buy music streaming service Pandora Media Inc in an all-stock deal valued at about $3.5 billion.

SiriusXM couldn't possibly forget to mention its "extensive automotive relationships" as a way to beef up Pandora's presence on smartphones, computers, and cars nationwide.

SiriusXM said that the deal will create the world's largest audio entertainment company, and that both brands will continue to operate independently. Based on the 30-day volume-weighted average price of $7.04 per share of SiriusXM common stock, the implied price of Pandora common stock is $10.14 per share, representing a premium of 13.8% over a 30-day volume-weighted average price.

The transaction has been unanimously approved by both the independent directors of Pandora and by the board of directors of SiriusXM and is expected to close in the first quarter of 2019.

"This is the worst-kept secret of a courtship that's gone on for several years", Meyer said this morning.

SiriusXM is the broadcast home of Howard Stern and host to a new show, beginning this afternoon, from from CNN anchor Chris Cuomo.

The transaction would combine SiriusXM's 36 million subscribers in North America with Pandora's more than 70 million monthly active users.

A pioneer of the Internet radio market, Pandora couldn't fend off the likes of Spotify and Apple Music in recent years, merely releasing a direct rival for the two hugely popular music streaming services in 2017. While 71 million users sign on to the app each month, most people listen for free.

Notably, Pandora invested a lot of time and money in developing its advertising business and setting up regional offices.

While the companies write that "there will be no immediate change in listener offerings", the corporate combination may result in some interesting exchanges between the products to "create unique audio packages", the companies stated.

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. SiriusXM was up 1.3 percent to $6.89.

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