SiriusXM Purchases Pandora For $3.5 Billion
This year has proven to be the year of mergers between streaming services to provide more content and listening opportunities for consumers. At the top of 2018, Google Play Music and YouTube Red became a package deal, Spotify and Hulu revealed a bundle option, and now, SiriusXM and Pandora have joined forces.
According to Billboard, Pandora was acquired by SiriusXM for $3.5 billion. The news site states the merger was rooted in “an all-stock transaction” and plans to ensure users with a “high-quality” and free Internet streaming service.
“Through targeted investments, we see significant opportunities to drive innovation that will accelerate growth beyond what would be available to the separate companies, and does so in a way that also benefits consumers, artists, and the broader content communities,” SiriusXM CEO Jim Meyer said. “Together, we will deliver even more of the best content on radio to our passionate and loyal listeners, and attract new listeners, across our two platforms.”
SiriusXM’s interest in Pandora made headlines as far back as summer 2017. The Internet radio conglomerate previously invested $480 million in Pandora, which allowed the latter “to make targeted investments and capitalize on opportunities to build on its position in the streaming radio business,” a joint statement from the brands said.
READ MORE: Pandora Announces Premium Family Plan