Sirius XM buys streaming giant Pandora for $3.5 bn in shares
Washington (AFP) –
Sirius XM, which dominates satellite radio in the United States, announced Monday it is buying music streaming giant Pandora for $3.5 billion.
The transaction is being carried out entirely through an exchange of shares, the company said in a statement.
Sirius XM, a leader in subscription radio in the United States serving mainly motorists with dozens of music and news programs, sees the acquisition as an opportunity "to significantly expand its presence beyond vehicles into the home and other mobile areas," it said.
Sirius XM charges users monthly subscription fees while Pandora offers free music streaming with advertisements or monthly ad-free paid subscriptions for $4.99 and $9.99.
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