Collaborations are the new Black. You got Nike and Off White, Ja Rule and horrible ideas, and now… SiriusXM and Pandora.
In a CNN news report, Sirius acquired the streaming platform for roughly…
Actually, it was for $3.5 billion.
In 2008, Sirius joined forces with rival satellite radio company XM Radio. SiriusXM currently has 36 million subscribers in North America. Meanwhile Pandora, one of the very first streaming music services when it was founded in 2000, has more than 70 million active users (of which 5.6 million are paying members).
The deal will create the “world’s largest audio entertainment company,” both companies said in a statement on Monday (Sept. 24).
“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 CEO Jim Meyer said in a statement. “We believe there are significant opportunities to create value for both companies’ stockholders by combining our complementary businesses.”
SiriusXM had previously invested $480 million for a 19 percent stake of Pandora in 2017.