Sirius XM agrees to pay $3.5 billion in stock for Pandora to create the world’s largest audio-entertainment company
Sirius XM Holdings will acquire Pandora for $3.5 billion in an all-stock transaction, creating the world’s largest audio-entertainment company, the two sides announced Monday.
The deal, which includes a “go-shop” provision, will pay current Pandora shareholders 1.44 newly-issued shares SiriusXM shares for every share they own. The implied price of $10.14 a share is a 13.8% premium to Pandora’s 30-day volume-weighted average price.
“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,” Sirius XM CEO jim Meyer said in the release.
“We believe there are significant opportunities to create value for both companies’ stockholders by combining our complementary businesses. The addition of Pandora diversifies SiriusXM’s revenue streams with the U.S.’s largest ad-supported audio offering, broadens our technical capabilities, and represents an exciting next step in our efforts to expand our reach out of the car even further.”
Alongside the announcement, SiriusXM reiterated its full-year 2018 outlook and Pandora reiterated its third-quarter outlook.
This story is developing…
Join the conversation about this story »
NOW WATCH: Ray Dalio says the economy looks like 1937 and a downturn is coming in about two years
Windows 7 users will have to pay monthly fee to receive security updates starting from Jan 14, 2020
Until now, Windows 7 was free to use, but in the future, Microsoft will start charging you for updates on the older WOndows platform.
Google partners w/ Renault, Nissan, Mitsubishi to offer Assistant, Maps, & Android on 2021 cars
In regards to cars, Google has a two-prong approach with Android Auto and Android Automotive. The former is an infotainment system that features Assistant and Google Maps, while the latter involves Android running on cars. Google is now working with Renault, Nissan, and Mitsubishi to bring Android Automotive into 2021 vehicles.
The post Google partners w/ Renault, Nissan, Mitsubishi to offer Assistant, Maps, & Android on 2021 cars appeared first on 9to5Google.