Sirius XM agrees to pay $3.5 billion in stock for Pandora to create the world’s largest audio-entertainment company

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

Facebook says it deleted 1.3B fake accounts in six months; fake accounts are being created, probably for commercial purposes, faster than Facebook can delete

Facebook says it deleted 1.3B fake accounts in six months; fake accounts are being created, probably for commercial purposes, faster than Facebook can delete


Siva Vaidhyanathan / New York Times:

Facebook says it deleted 1.3B fake accounts in six months; fake accounts are being created, probably for commercial purposes, faster than Facebook can delete  —  Sheryl Sandberg’s testimony to Congress revealed that fraudulent pages are being created as fast as the social network can delete them.

The most popular “privacy” tool in Apple’s Mac App Store was stealing users’ browsing history and sending it to China

The most popular “privacy” tool in Apple’s Mac App Store was stealing users’ browsing history and sending it to China

Apple pioneered the idea of “app stores,” where operating system vendors got to decide who could distribute software that ran on their platforms, arguing that these “curated” stores would ensure high quality and protect users from malicious and inferior code.
(more…)

Twitter hints at new threaded conversations and who’s online features

Twitter hints at new threaded conversations and who’s online features

Twitter head Jack Dorsey sent out a tweet this afternoon hinting the social platform might get a couple of interesting updates to tell us who else is currently online and to help us more easily follow Twitter conversation threads. “Playing with some new Twitter features: presence (who else is on Twitter right now?) and threading […]