×
You will be redirected back to your article in seconds

Sirius XM Completes Acquisition of Pandora

As expected, Sirius XM Holdings today announced that it has completed its acquisition of Pandora Media, making it “the world’s largest audio entertainment company,” according to the announcement. After years of discussion, Sirius XM acquired Pandora in a $3.5 billion deal last year.

Jim Meyer, Chief Executive Officer of SiriusXM, said, “This is a tremendous outcome for two organizations with complementary platforms and large audiences, and we could not be more excited to be moving forward as one company. With SiriusXM’s subscription-based national service of curated and exclusive content and programming, and Pandora, the largest U.S. streaming music provider with its highly personalized free ad-supported service, under one roof, SiriusXM now reaches more than 100 million people across its audio products. Importantly, the premier products that SiriusXM and Pandora listeners have enjoyed for years are not changing. That said, good things come from being together, and we look forward to creating new unique audio packages that combine our strengths and offer an even wider range of content to our listeners.”

Meyer said in an earnings call Wednesday that he expected the transaction to be complete today. Earlier this week Pandora announced that Roger Lynch, its CEO since 2017, and several other executives will step down, with Lynch’s roles being absorbed by Meyer. Sirius announced record revenue of $1.5 billion and $5.8 billion for the fourth quarter and year of 2018, respectively, increasing 7% and 6% compared to the prior year periods.

In today’s announcement, the company said it will “drive long term growth and value for its stockholders by employing the disciplined and focused approach that has always been an integral part of Sirius XM, including by:

  • Capitalizing on cross-promotion opportunities across the combined company’s more than 100 million listeners in North America, with close to 40 million self-paying subscribers, and 75 million trialers and ad-based listeners, which represents the largest digital audio entertainment audience in the U.S.
  • Pairing SiriusXM’s curation and exclusive programming with Pandora’s uniquely predictive listener personalization technology – representing one of the world’s most extensive datasets of music listening information – to deliver audio experiences tailored to the tastes of each listener.
  • Creating new, unique audio packages that bring together the best of both services, providing a powerful platform for consumers to connect with established and emerging artists, entertainment brands, and talent.
  • Expanding monetization opportunities through both ad-supported and subscription services – in and out of the vehicle – creating innovative new ways for listeners to enjoy even more audio entertainment.
  • Continuing to invest in talent, content, technology and innovation to create and offer the best audio entertainment available, including specially-created music channels and programming from major and emerging artists, provocative talent in talk, entertainment, comedy, and exclusive sports programming.

As previously announced, the outstanding shares in Pandora not already owned by SiriusXM will be exchanged for a fixed ratio of 1.44 newly issued SiriusXM shares. Shares of Pandora’s common stock are no longer trading on the New York Stock Exchange.

More Digital

  • Vice Media

    APOS: Tencent Video, Vice Media Hatch Premium Youth Series for China

    China’s Tencent Video and global studio Vice Media have joined forces to create a premium youth series exploring hype culture. The eight-part series, with episodes of 25 minutes, will explore a generation obsessed with finding the next big thing. The series to be produced by Vice Studios is earmarked for a late 2019 release through [...]

  • Avengers EndGame Trailer

    ‘Avengers: Endgame’ Tops Studios’ TV Ad Spending

    In this week’s edition of the Variety Movie Commercial Tracker, powered by TV ad measurement and attribution company iSpot.tv, Marvel claims the top spot in spending with “Avengers: Endgame.” Ads placed for the superhero film had an estimated media value of $6.28 million through Sunday for 927 national ad airings on 39 networks. (Spend figures [...]

  • Co-Editor-In-Chief of Variety, Andrew Wallenstein and

    10 Things We Learned at Variety’s Silicon Valleywood Summit

    Variety’s first-ever Silicon Valley conference didn’t just bring together the worlds of technology and entertainment, it also provided plenty of insights into the strategies of market leaders, creators and senior executives in this space. Here are 10 key lessons from the event, which was held at the Rosewood Sand Hill hotel in Menlo Park, Calif. [...]

  • Korea's JTBC Signs up as Iflix

    APOS: Korea's JTBC Signs up as Iflix Investor and Content Partner

    South Korea’s JTBC Content Hub has become a strategic investor in Iflix, the South East Asia-based video streaming platform. Formed only in 2011, JTBC has rapidly become one of Korea’s most influential broadcasters, with a mix of news, creative dramas and entertainment shows. Its hit dramas include “SKY Castle,” “Misty,” and “Something in the Rain.” [...]

  • Twitter Jack Dorsey

    Trump Meets With Twitter CEO Jack Dorsey After Complaining of Bias

    WASHINGTON — Less than 12 hours after complaining that Twitter doesn’t “treat me well as a Republican,” President Trump met with the company’s CEO, Jack Dorsey, and indicated that they would be “keeping an open dialogue.” “Great meeting this afternoon at the @WhiteHouse with @Jack from @Twitter. Lots of subjects discussed regarding their platform, and [...]

  • Wanda Sykes Silicon Valleywood

    Wanda Sykes on Doing Business With Netflix: 'They Moved That Comma'

    MENLO PARK, Calif. — Wanda Sykes wears a lot of hats as a comedian, writer, producer and entrepreneur, and that gives her a keen sense of the ever-growing content marketplace. She also has a very clear understanding of what she’s worth in dollars and cents, as she shared Tuesday in her Q&A at Variety’s Silicon [...]

  • Snap CEO Evan Spiegel

    Snapchat Gains 4 Million Users in Q1 as Snap Beats Earnings Estimates

    Snap topped Wall Street estimates on the top and bottom lines in the first quarter of 2019 — and the still-unprofitable company managed to show an uptick in Snapchat users for the first time in a year. Revenue for the quarter was $320 million, up 39% year over year, while it narrowed its net loss [...]

More From Our Brands

Access exclusive content