SiriusXM buys Pandora for $3.5 billion

Today SiriusXM has announced that it's purchasing Pandora for a cool $3.5 billion. This acquisition will create the world's largest audio entertainment company.

Rumors of a deal between the two entities have been floating around since June. This transaction concludes Pandora's months-long search for a buyer. SiriusXM has previously invested $480 million on the music streaming service, so the two weren't strangers before this.

With this acquisition, SiriusXM gets access to Pandora's 70 million monthly users, including 5.6 million who are paying members of its Premium service. At this time nothing is changing with regard to content offerings, pricing tiers, and so on. Pandora and SiriusXM will continue to operate separately under their own brands.

Source | Via