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Sirius XM agrees to pay $3.5 billion in stock for Pandora



sirius xmAP
Photo/Mark Lennihan

Sirius XM Holdings will acquire Pandora for $3.5 billion in an
all-stock transaction, creating the world’s largest
audio-entertainment company, the two sides announced

The deal, which includes a “go-shop” provision, will pay current
Pandora shareholders 1.44 newly-issued shares SiriusXM shares for
every share they own. The implied price of $10.14 a share is a
13.8% premium to Pandora’s 30-day volume-weighted average

“We have long respected Pandora and their team for their
popular consumer offering that has attracted a massive audience,
and have been impressed by Pandora’s strategic progress and
stronger execution,” Sirius XM CEO jim Meyer said in the

“We believe there are significant opportunities to create
value for both companies’ stockholders by combining our
complementary businesses. The addition of Pandora diversifies
SiriusXM’s revenue streams with the U.S.’s largest ad-supported
audio offering, broadens our technical capabilities, and
represents an exciting next step in our efforts to expand our
reach out of the car even further.”

This story is developing…

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