SiriusXM Announces Plans to Acquire Pandora for $3.5 Billion

SiriusXM is hoping to build the “world’s largest audio entertainment company” with some help from Pandora.

The satellite radio company on Monday announced plans to acquire streaming music company Pandora for $3.5 billion. In a statement, SiriusXM said that the acquisition will be an all-stock transaction. Every Pandora shareholder will receive 1.44 shares of newly issued SiriusXM stock, putting a 13.8% premium on the company’s average price over the past 30 days. SiriusXM hopes to...

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