Music lovers, get ready for what might be the world’s biggest audio entertainment company.
Early Monday, it was announced that radio broadcasting company SiriusXM Holdings Inc. will be buying music streaming service Pandora Media Inc. in a $3.5 billion all-stock deal. Last year, SiriusXM had already bought 19% of Pandora's stock for $480 million.
SiriusXM has 36 million subscribers in North America. Pandora more than 70 million active users, while facing competition from other music streamers such as Spotify, Apple Music and Amazon. SiriusXM’s acquisition of Pandora could potentially give birth to an even fiercer competition in the music streaming/broadcasting industry.