SiriusXM buying Pandora Media in $3.5 billion deal

FILE - In this Feb. 22, 2018, file photo, the Pandora logo appears above a trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)

Subscription radio company SiriusXM says it's buying music streaming service Pandora Media Inc. in a stock deal valued at about $3.5 billion that'll allow it to expand its service beyond cars and into homes and other mobile areas.

Posted: Sep 24, 2018 11:16 AM

NEW YORK (AP) — Subscription radio company SiriusXM says it's buying music streaming service Pandora Media Inc. in a stock deal valued at about $3.5 billion that'll allow it to expand its service beyond cars and into homes and other mobile areas.

SiriusXM Holdings Inc. has more than 36 million subscribers in North America, while Pandora has more than 70 million monthly active users.

Pandora stockholders will receive 1.44 newly issued SiriusXM shares for each Pandora share they own. Pandora has a "go-shop" period in which it can solicit other offers from third parties.

Both companies' boards have approved the transaction, which is expected to close in 2019's first quarter. It still needs approval from Pandora shareholders.

Shares of Pandora, based in Oakland, California, jumped more than 8 percent in Monday premarket trading. SiriusXM's stock declined 4 percent.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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