Satellite radio company SiriusXM has agreed to buy music streaming company Pandora at about $3.5 billion. With the deal, Sirius can tap into the mobile strength of Pandora while helping it in areas such as making personalized listening recommendations. The partnership also offers Sirius access to tens of millions of listeners moving to music streaming apps in a highly crowded market.
Jim Meyer, Chief Executive, Sirius XM quoted in a statement, “The acquisition would boost the company’s efforts to reach more listeners beyond car drivers. Together, we will deliver even more of the best content on radio to our passionate and loyal listeners, and attract new listeners, across our two platforms.