SiriusXM to acquire Pandora streaming radio service for $3.5 billion

Pandora acquired by SiriusXM in $3.5bn deal

Meanwhile, the deal will help SiriusXM tap into Pandora's mobile strength while giving it the chance to improve in areas such as making personalized listening recommendations.

"SIRI can not offer on-demand radio, and can not offer customization, and Pandora offers both", said Michael Pachter, an analyst with Wedbush Securities in Los Angeles. Its combined revenue with Pandora will go up to $7 billion and the userbase will be at almost 100 million (36 million SiriusXM subscribers and over 70 million monthly Pandora users).

Still, Pandora has found itself in a hard position in the streaming market as alternatives like Apple Music (aapl) and Spotify (spot) continue to attract more members. But it also appeared to leave open the possibility of a shift, saying there would be "no immediate change in listener offerings".

SiriusXM plans to utilize "SiriusXM's extensive automotive relationships to drive Pandora's in-car distribution".

SiriusXM said both brands will continue to exist, along with their respective products and services. SiriusXM had already invested $480 million to buy 19% of Pandora's stock previous year, and it was widely reported to be looking at a full purchase. "The addition of Pandora will provide diversified revenue streams that will create the world's largest digital audio ad offering ..."

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Continuing investments in content, technology, innovation, and expanded monetization opportunities through both ad-supported and subscription services in and out of the vehicle.

Every Pandora shareholder will receive 1.44 shares of newly issued SiriusXM stock, putting a 13.8% premium on the company's average price over the past 30 days.

"We believe there are significant opportunities to create value for both companies' stockholders by combining our complementary businesses", SiriusXM CEO Jim Meyer said in a statement.

The deal was announced on Monday, September 24, and SiriusXM expects that everything should be finalized around the first quarter of 2019.

The all-stock transaction values Pandora at US$10.14 a share, about 12 per cent more than the company's closing price on Friday.

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