Pandora Lands $480 Million Investment From Sirius XM

Streaming music service had recently rejected takeover offer from the satellite radio giant.

June 9, 2017 11:09 am
Pandora Gets $480 Million Investment From Sirius XM
A banner for Pandora Media Inc., the online-radio company, hangs in front of the New York Stock Exchange walk on its first day of trading as a public company on June 15, 2011 in New York City. (Spencer Platt/Getty Images)

Pandora just got more Sirius. According to Business Insider, the popular streaming music platform announced Friday that it had received a $480 million investment from satellite radio service Sirius XM, after rejecting a takeover bid by the company.

This follows an investment of $150 million in Pandora by private equity firm KKR & Co LP, which gave the streaming service 30 days to seek out an alternate deal.

As Business Insider explains, “any partnership between Sirius XM and Pandora would be a boon to both companies, given that they target a common audience.” The investment comes in a bid to compete with streaming competitors like Spotify and Apple Music.

Pandora also announced it would be selling ticket distribution service TicketFly to Eventbrite for $200 million.

The InsideHook Newsletter.

News, advice and insights for the most interesting person in the room.