Pandora is a major player in the streaming music space, and today it's been revealed that it's being acquired.
SiriusXM is acquiring Pandora for $3.5 billion. The all-stock deal is expected to close in the first quarter of 2019 and was unanimously approved by the independent directors of Pandora and the SiriusXM board of directors. It's now subject to approval by Pandora stockholders.
The deal will allow SiriusXM to "significantly expand its presence beyond vehicles into the home and other mobile areas." Meanwhile, the two companies hope that SiriusXM's automotive partnerships will help to expand Pandora's in-car distribution.
SiriusXM and Pandora say that there will be no immediate change in listener offerings following the completion of the deal and that the two companies plan to "support and strengthen Pandora's highly relevant brand".
Pandora has been a big name in streaming music for a long time now, and with this SiriusXM deal, it sounds like the Pandora service won't be going away any time soon. Do you use SiriusXM or Pandora?