SiriusXM is buying streaming music service Pandora in a $3.5 billion deal that would create the world's largest audio entertainment company, the companies said Monday.
The all stock transaction is pending approval of stockholders, but is expected to close in the start of 2019.
“Pandora's powerful music platform will enable SiriusXM to significantly expand its presence beyond vehicles into the home and other mobile areas,” the subscription music service said in a statement.
SiriusXM has 36 million subscribers in North America, CNN reported. The company formed after Sirius and XM satellite radio services merged in 2008.
Pandora was founded in 2000 and has 70 million active users.
The company plans no immediate changes to listener offerings.
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