Pandoraannounced right this moment that shareholders occupy accredited its $3.5 billion acquisition by SiriusXM. After the transaction closes, several key Pandora executives will leave, including CEO Roger Lynch, total counsel Steve Bene, CFO Naveen Chopra, and chief human sources officer Kristen Robinson. SiriusXM CEO Jim Meyer will lead the blended firm.
Pandora and SiriusXM announced the proposed acquisition closing September, with SiriusXM providing to pay $3.5 billion in stock, or $10.14 per fragment, for Pandora.
Sirius and Pandora products and companies will proceed as sooner than the acquisition. The deal is meant to “capitalize on terrible-promotion alternatives,” as the corporations put it, so this implies potentialities can seek files from to scrutinize unique choices admire subscription programs with both SiriusXM radios and Pandora streaming music incorporated or Pandora’s impart made accessible thru SiriusXM’s car radio distribution channels.
SiriusXM says it has about 36 million subscribers in North America and 23 million annual trial listeners, whereas Pandora has 70 million month-to-month energetic customers—however most attention-grabbing 6.8 million of them had been subscribers as of Q3 2018, compared with 87 million and 50 million subscribers for Spotify and Apple Music, respectively.