SiriusXM is finalizing a deal to buy Pandora Internet Radio for $3.5 billion. A press release from the company confirmed that the satellite radio giant will add the streaming music service to its collection of assets.
SiriusXM and Pandora are estimated to bring in $7 billion in combined revenue this year. In North America 36 million customers subscribe to the Sirius satellite radio platform, while Pandora boasts about 70 million months active users.
“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,” said Sirius CEO Jim Meyer in a statement. Completion of the deal is planned for the first quarter of 2019.
Thanks for reading InsideHook. Sign up for our daily newsletter and be in the know.
