Pandora introduced right this moment that shareholders have accepted its $3.5 billion acquisition by SiriusXM. After the transaction closes, a number of key Pandora executives will depart, together with CEO Roger Lynch, common counsel Steve Bene, CFO Naveen Chopra, and chief human sources officer Kristen Robinson. SiriusXM CEO Jim Meyer will lead the mixed firm.
Pandora and SiriusXM introduced the proposed acquisition final September, with SiriusXM providing to pay $3.5 billion in inventory, or $10.14 per share, for Pandora.
Sirius and Pandora providers will proceed as earlier than the acquisition. The deal is supposed to “capitalize on cross-promotion alternatives,” as the businesses put it, so this implies prospects can anticipate to see new choices like subscription packages with each SiriusXM radios and Pandora streaming music included or Pandora’s content material made obtainable by way of SiriusXM’s automobile radio distribution channels.
SiriusXM says it has about 36 million subscribers in North America and 23 million annual trial listeners, whereas Pandora has 70 million month-to-month energetic customers—however solely 6.eight million of them had been subscribers as of Q3 2018, in comparison with 87 million and 50 million subscribers for Spotify and Apple Music, respectively.