Making good on its September 2018 pronouncement, satellite radio provider SiriusXM has completed its $3.5 billion purchase of Internet radio company Pandora.
The all-stock acquisition has been fomenting since June 2017, when SiriusXM invested $480 million in the streaming audio business, whose proprietary, predictive algorithms help personalize the listening experience.
"This is a tremendous outcome for two organizations with complementary platforms and large audiences, and we could not be more excited to be moving forward as one company,” said Jim Meyer, CEO of SiriusXM.
The combined company has more than 100 million listeners in North America, and allows each component to leverage the other’s strength in the home or car markets.
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