New York-based SiriusXM Acquires a Music Streaming Service
New York-based subscription radio company SiriusXM is acquiring a music streaming service called Pandora Media. The deal has been valued at about $3.5 billion that will enable the company to expand its services beyond cars and into mobile devices and homes.
The company claimed that this acquisition will create the world's largest audio entertainment company. The all-stock deal will build an audio-entertainment firm with a market valuation of $30 billion.
The company has 36 million subscribers in North America and was formed with the merger of the Sirius and XM satellite radio services in 2008. The ability to provide a subscription service that gives Pandora customers access to streaming music and satellite radio would help set it apart from its rivals and would likely bring in fresh ...