SEVERE WX : Severe Thunderstorm Watch View Alerts

SiriusXM is buying Pandora in $3.5 billion deal

SiriusXM is buying Pandora in a $3.5 billion all-stock deal.The deal will create the world's largest ...

Posted: Sep 25, 2018 9:30 AM
Updated: Sep 25, 2018 9:30 AM

SiriusXM is buying Pandora in a $3.5 billion all-stock deal.

The deal will create the world's largest audio entertainment company, the companies said early Monday.

SiriusXM has 36 million subscribers in North America. It was formed with the merger of the Sirius and XM satellite radio services in 2008.

Sirius had paid Howard Stern hundreds of millions of dollars to lure him from traditional radio in 2006. SiriusXM has built a stable of stars with exclusive programming to go along with its lineup of music, news, talk and sports.

Pandora, a groundbreaking streaming music service founded in 2000, has more than 70 million active users. It faces intense competition from Spotify, from music services offered by Apple and Amazon, and from Jay-Z's Tidal, which is partly owned by Sprint.

Pandora's ability to stay an independent company was very much in doubt. SiriusXM had already invested $480 million to buy 19% of Pandora's stock last year, and it was widely reported to be looking at a full purchase.

Soon after that investment was announced, Pandora co-founder Tim Westergren lost his positions as CEO and board member, and Michael Herring lost his job as president.

Pandora stock, which was down 35% for the year when they left, has nearly doubled since then, partly in anticipation of a purchase. The company still lost $221 million in the first half of the year, although that was down 43% from the first half of 2017.

"We believe there are significant opportunities to create value for both companies' stockholders by combining our complementary businesses," SiriusXM CEO Jim Meyer said in a statement.

Shares of SiriusXM stock closed down about 10% on Monday. Pandora stock closed down about 1%.

West Lafayette
Partly Cloudy
87° wxIcon
Hi: 90° Lo: 72°
Feels Like: 93°
Kokomo
Partly Cloudy
80° wxIcon
Hi: 89° Lo: 73°
Feels Like: 84°
Rensselaer
Cloudy
79° wxIcon
Hi: 87° Lo: 68°
Feels Like: 82°
Fowler
Partly Cloudy
87° wxIcon
Hi: 89° Lo: 69°
Feels Like: 93°
Williamsport
Partly Cloudy
82° wxIcon
Hi: 88° Lo: 71°
Feels Like: 86°
Crawfordsville
Partly Cloudy
79° wxIcon
Hi: 87° Lo: 71°
Feels Like: 82°
Frankfort
Partly Cloudy
79° wxIcon
Hi: 87° Lo: 72°
Feels Like: 82°
Delphi
Partly Cloudy
81° wxIcon
Hi: 90° Lo: 72°
Feels Like: 85°
Monticello
Partly Cloudy
81° wxIcon
Hi: 92° Lo: 73°
Feels Like: 85°
Logansport
Partly Cloudy
81° wxIcon
Hi: 88° Lo: 70°
Feels Like: 84°
Severe weather risk, then brief, but substantial cool-down...
WLFI Temps
WLFI Planner

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 751242

Reported Deaths: 13795
CountyCasesDeaths
Marion1032931788
Lake556911009
Allen41692692
St. Joseph36990565
Hamilton36588417
Elkhart29398461
Tippecanoe22901226
Vanderburgh22556400
Porter19356325
Johnson18471389
Hendricks17682317
Clark13226195
Madison13149344
Vigo12614253
LaPorte12419221
Monroe12207176
Delaware10966198
Howard10321225
Kosciusko9630121
Hancock8576146
Bartholomew8169157
Warrick7860156
Floyd7811180
Grant7242179
Wayne7162201
Boone6966103
Morgan6761141
Dubois6218118
Marshall6209116
Cass6016110
Henry5900110
Dearborn589878
Noble581488
Jackson509076
Shelby501496
Lawrence4742122
Gibson444894
Clinton442355
Harrison441875
DeKalb439885
Montgomery438090
Whitley406543
Huntington402681
Steuben400159
Miami395269
Jasper388054
Knox375991
Putnam372960
Wabash361983
Ripley347170
Adams345555
Jefferson335886
White331953
Daviess3033100
Wells295281
Decatur289992
Greene286885
Fayette284864
Posey273835
LaGrange273072
Scott270156
Clay267148
Washington246036
Randolph244783
Jennings235349
Spencer234531
Starke228058
Fountain220948
Sullivan214643
Owen211858
Fulton202942
Jay200932
Carroll193620
Orange188255
Perry187237
Rush175926
Vermillion174844
Franklin170335
Tipton166246
Parke149416
Pike138234
Blackford136232
Pulaski120647
Newton113936
Brown104243
Crawford102516
Benton101714
Martin91715
Warren84015
Switzerland8148
Union72810
Ohio57911
Unassigned0420

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events