Pandora announced today that shareholders have approved its $3.5 billion buy by SiriusXM. After the deal shuts, several key Pandora managers will leave, including CEO Roger Lynch, general counsel Steve Bene, CFO Naveen Chopra, and chief human resources officer Kristen Robinson. SiriusXM CEO Jim Meyer will extend the combined company.
Pandora and SiriusXM announced the proposed possession last-place September, with SiriusXM offering to pay $3.5 billion in stock, or $10.14 per share, for Pandora.
Sirius and Pandora services will continue as before the acquisition. The consider is meant to “capitalize on cross-promotion possibilities, ” as the companies placed it ,~ ATAGEND so this intends customers can expect to see brand-new presents like subscription packs with both SiriusXM radios and Pandora streaming music included or Pandora’s content made available through SiriusXM’s car radio distribution channels.
SiriusXM says it has about 36 million subscribers in The americas and 23 million annual test listeners, while Pandora has 70 million monthly active users–but merely 6.8 million of them were subscribers as of Q3 2018, compared to 87 million and 50 million subscribers for Spotify and Apple Music, respectively.
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