SiriusXM to Buy Pandora for $3.5 Billion in All-Stock Transaction
In big acquisition news, last week SiriusXM (NASDAQ: SIRI) announced it would acquire satellite radio station and streaming music subscription service Pandora (NYSE: P) for $3.5 billion in an all-stock transaction. According to SiriusXM, this acquisition will create the world’s largest audio entertainment company with revenue exceeding $7 billion in pro-forma revenue this year. The acquisition is subject to regulatory approvals. The boards of both companies have unanimously approved the deal. The deal is expected to close during the first quarter of 2019.
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