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Published: 2017/06/09

SiriusXM Purchases $480 Million Stake in Pandora

Satellite radio outlet SiriusXM will reportedly team up with Pandora to make a $480 million strategic cash investment in the online radio service.

The terms of the agreement note that a subsidiary of SiriusXM will purchase convertible preferred stock of Pandora, equating to a 16 percent stake in the company when converted.

The Hollywood Reporter collected statements from each company saying that “the capital provided through the SiriusXM investment will allow Pandora to make targeted investments and capitalize on opportunities to build on its position in the streaming radio business.”

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