Sirius XM Holdings has acquired Pandora in an all-stock transaction valued at approximately $3.5bn.

The deal brings together SiriusXM’s base of over 36m subscribers across North America and 23m annual trial listeners, with Pandora’s 70m monthly active users.

Approved unanimously by both the independent directors of Pandora and the board of directors of SiriusXM, the transaction is expected to close in the first quarter of 2019.

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