Pandora Streaming Radio Service to Be Acquired by SiriusXM in $3.5 Billion Deal
Pandora - a leading music streaming service is likely to be bought by SiriusXM company in $3.5 Billion deal.
SiriusXM, a satellite radio company is planning to buy Pandora - a leading music streaming service. As per the market reports are concerned, the deal is likely to be finalised in $3.5 billion all-stock. After acquiring Pandora, SiriusXM will emerge as the largest audio entertainment company with more than $7 billion in combined revenue expected in the year 2018. This deal will bring together the SiriusXM's 36 million subscribers (North America) and Pandora's over 70 million active users. Nokia 5.1 Plus Price in India Officially Announced; To Go On Sale on October 1 via Flipkart.
The deal is expected to be closed by the first quarter of next year. Moreover, Pandora's stock increased by 8.3 percent to $9.85 per share in the pre-market trading. However, the Sirius share dipped 5 percent to $6.63 per share. Motorola One Power Smartphone Launched, Priced in India at Rs 15,999; Online Sale on October 5 via Flipkart.
Moreover, the Pandora shareholders are expected to receive 1.44 of newly issued SiriusXM share against each Pandora share. The implied Pandora price from this deal is $10.14 a share, or a 13.8 percent premium over a 30-day volume-weighted average price. Paytm Face Login Feature Under Testing; Likely To Be Rolled Out Soon.
Pandora recorded a soared earnings because of thick competition in the music streaming business. The company has been facing intense competition from Spotify, Amazon and Apple. Also, the satellite radio company also entered into partnership with Netflix earlier this year in July for creating a comedy channel. This comedy channel is scheduled to launch by January, which will feature new material from comedians promoted in Netflix original content.
(The above story first appeared on LatestLY on Sep 24, 2018 06:11 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).