SiriusXM have announced they are buying music streaming service Pandora Radio for approximately $3.5 billion.
— SiriusXM (@SIRIUSXM) September 24, 2018
According to the Associated Press, the stock deal will allow Sirius, who currently have around 36 million subscribers in North America, to expand its service beyond cars and into mobile devices and homes creating the world’s largest audio entertainment company. Pandora Radio currently has approximately 70 million active monthly users.
The deal will give Pandora stockholders 1.44 newly issued SiriusXM shares for each Pandora share they own, according to the Associated Press.
The transaction is expected to close during the first quarter of 2019.