Satellite radio giant SiriusXM is buying the Oakland, Calif.-based digital radio company Pandora in an all-stock deal valued at $3.5 billion, the companies announced Monday. The deal is expected to close in early 2019.
The merger would create “the world’s largest audio entertainment company,” SiriusXM CEO James Meyer said in a conference call. The deal would still need to be reviewed by antitrust regulators and shareholders, he added.
And it comes 15 months after SiriusXM invested $480 million in Pandora. That move allowed SiriusXM to appoint three executives to Pandora’s board, with one serving as chairman. Just a few weeks after that deal was announced, Pandora co-founder and CEO Tim Westergren stepped down from the company.
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