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Sirius XM Holdings Inc said on Friday it will invest $480 million in Pandora Media Inc (P.N), giving the satellite radio company better exposure to internet music streaming while providing financial footing to Pandora.
While Sirius XM has a strong presence in the auto market, where its channels are offered in most new cars in the United States, it has trailed Pandora and other music providers in mobile and streaming content. The relationship could give Sirius expertise in expanding its listening base outside of the car.
"We believe there are future opportunities to accelerate Pandora's growth and further increase stockholder value," Sirius XM Chief Executive Officer Jim Meyer said in a statement.
read more https://www.reuters.com/article/us-pandora-media-m-a-sirius-xm-holdgs-idUSKBN1901ST
While Sirius XM has a strong presence in the auto market, where its channels are offered in most new cars in the United States, it has trailed Pandora and other music providers in mobile and streaming content. The relationship could give Sirius expertise in expanding its listening base outside of the car.
"We believe there are future opportunities to accelerate Pandora's growth and further increase stockholder value," Sirius XM Chief Executive Officer Jim Meyer said in a statement.
read more https://www.reuters.com/article/us-pandora-media-m-a-sirius-xm-holdgs-idUSKBN1901ST