SiriusXM buys Pandora for USD 3.5 billion in all-stock deal

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(Telecompaper) Satellite radio provider Sirius XM has agreed to buy streaming music group Pandora in an all-stock transaction worth USD 3.5 billion. Pandora said the deal will create the world’s largest audio entertainment company, with more than USD 7 billion in expected pro-forma revenues for this year and strong, long-term growth opportunities.┬áThe transaction will help SiriusXM significantly expand its presence beyond vehicles and into the home and other mobile areas, while strengthening Pandora’s position in the competitive online market.
Source: Industry News (syndicated from Telecompaper.com)

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