Pandora and Live Nation ‘brought together’ by SiriusXM deal
The $3.5bn deal sees SiriusXM – majority owned by Liberty Media, whose CEO Greg Maffei is LN's chairman – become the "world's largest audio entertainment company"
News By | 25 September 2018
SiriusXM has created the “world’s largest audio entertainment company” by acquiring internet radio/streaming service Pandora Media, the US satellite radio giant said today, in news that is likely to reignite speculation about a potential merger with Live Nation.
The acquisition – an all-stock deal worth US$3.5bn – will “capitalise on cross-promotion opportunities between SiriusXM’s base of more than 36m subscribers across North America and 23m-plus annual trial listeners and Pandora’s more than 70m monthly active users” – the largest digital audio audience in the US, according to a joint statement. The new company expects to turn over more than $7bn in 2018, with “strong, long-term growth opportunities” predicted for the years ahead.
SiriusXM originally invested $480m in loss-making Pandora last June, concurrent with…
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