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Sirius XM is buying Pandora
Subscription radio company Sirius XM Holdings Inc. is buying music-streaming firm Pandora Media Inc. Sirius will be the owner, unless another company places a better bid. The deal has a “go shop” provision, which allows Pandora and its board to talk with other parties about doing a different deal. If Sirius XM turns out to be the buyer, the acquisition of Pandora will likely close in the first quarter of 2019, the companies said. Jim Meyer, chief executive officer of SiriusXM, praised Pandora and the company’s “strategic progress and stronger execution.” Pandora CEO Roger Lynch said the transaction will deliver “significant value” to Pandora stockholders. A merger with Sirius would position both companies to take advantage of “huge opportunities” in audio entertainment, advertising and subscription offerings, he added.
