SiriusXM to acquire Pandora for $3.5B

SiriusXM entered a deal to purchase music streaming service Pandora for $3.5 billion.

Under the terms of the deal, Pandora shareholders would receive 1.44 newly issued SiriusXM shares for each share they own.

“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,” SiriusXM CEO Jim Meyer said in a statement.

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