Sirius XM today announced that it intends to acquire Internet radio provider Pandora.
The all-stock transaction, which was unanimously approved by both companies’ board of directors, has been pegged at approximately $3.5 billion. The deal is expected to close during 2019’s first quarter.
The world’s largest radio streaming service, Pandora provides both free and paid music streaming to more than 70 million monthly listeners, approx. six million of whom are paid, subscribers.
 |
Pandora earlier this year acquired digital audio tech firm AdsWizz. In October 2015, it purchased live events company Ticketfly.
In a Monday press release, Sirius CEO Jim Meyer said the acquisition would diversify the streaming company’s revenue streams, broadens its technical capabilities and expand its efforts to reach new listeners, creating “significant opportunities to drive innovation that will accelerate growth beyond what would be available to the separate companies,” in a way that “benefits consumers, artists, and the broader content communities.”
The New York-based satellite radio giant, which currently owns a 15 percent stake in Pandora, boasts more than 36 million subscribers in North America.
“We have long respected Pandora and their team for their popular consumer offering that has attracted a massive audience, and have been impressed by Pandora’s strategic progress and stronger execution. We believe there are significant opportunities to create value for both companies’ stockholders by combining our complementary businesses,” Meyer said. “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.”
Michael Kaminer, who was responsible for the Observer’s “Power List” for the past 13 years, has cut ties with the publication... The New York Times Company continues the march toward its goal of 15 million subscribers by the end of 2027... The John D. and Catherine T. MacArthur Foundation is providing more than $6 million in funding to eight organizations working to address the challenges local news and information environments face along the U.S.-Mexico border.
Conservative outlets Fox News, Newsmax and the Daily Caller are holding back from signing Pete Hegseth’s edict restricting press access in the Pentagon... CBS News sees the first executive departure of the Bari Weiss era as head of standards and practices Claudia Milne exits... Indiana University shuts down the print version of The Indiana Daily Student.
Rothschild family plans to unload 26.7 percent stake in The Economist... STAT, a digital media company that focuses the life sciences, brings back Damian Garde, who anchored its biotech newsletter and podcast from 2016 to 2024... High Times officially resumes print publication (following its 2024 shutdown) with the release of a limited-edition, collectible 50th anniversary issue. 
CBS News is set to hand over its reins to The Free Press co-founder Bari Weiss as Paramount acquires her site for $155M... C-SPAN comes on board as an official media partner of the U.S. Semiquincentennial Commission, which is charged by Congress to lead the celebration of the 250th anniversary of the signing of the Declaration of Independence... A new Gallup survey says that the level of trust that US audiences have in the media has hit a new low.
Paramount Skydance CEO David Ellison has named Kenneth Weinstein, former head of the conservative Hudson Institute, as ombudsman for CBS News.
