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September 24 AT 1:07 PM
Evan Selleck
The SiriusXM satellite radio company today announced a major acquisition, putting the Internet radio company Pandora in the ranks.
The acquisition is expected to generate $ 3.5 billion in revenue and, according to the SiriusXM announcement, will mark the creation of the "world's largest audio entertainment company." SiriusXM plans to maintain the Pandora service and platform for the foreseeable future, and the brand itself should also remain intact.
Pandora has 70 million members, including 5.6 million paying subscribers. SiriusXM has approximately 36 million subscribers. SiriusXM has just been a major investor in Pandora, having invested $ 480 million and gained 19% of Pandora's equity last year.
Pandora began as an Internet radio effort, building its preferences for listeners based on algorithms running in the background. However, it has turned more towards standard streaming options, similar to Google Play Music and Spotify, when Pandora Premium was launched last year.
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Source: Pandora
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