Pandora is getting ‘Sirius’ help with this deal
We have another major deal… with SiriusXM buying Pandora for $3.5 billion! The combination of SiriusXM and Pandora will create the largest audio entertainment company in the industry. And Spotify, Apple, and Amazon streaming services should be worried about what’s to come…
They were already huge… because SiriusXM has 36 million subscribers in North America. However, the company was formed by combining Sirius and XM Satellite radio services back in 2008, so they are no stranger to transactions like this. To add to the fun, Pandora, the streaming music service, has over 70 million active users.
It’s already working for Pandora… and SiriusXM put $480 million to purchase 19% of Pandora’s shares in 2017. The Pandora’s stock was down 35% before the investment; but now, the company is doing better than ever with a share price that has nearly doubled since. Shares of Pandora were up 9% in premarket trading.