SiriusXM Completes Merger With Pandora
Now, SiriusXM declared that it had completed its acquisition of Pandora Media, efficiently making it ldquo;the world’s biggest audio entertainment firm,” per a statement. Officially declared last autumn, SiriusXM fully gained Pandora for about 3.5 million dollars, although the satellite radio business formerly owned approximately 15% of Pandora prior to the offer.
SiriusXM recently established a question-and-answer webpage about the merger because of its own website, which details that the motive behind the acquisition in addition to its consequences on listeners. The business notes that “nothing is changing at this time,” since SiriusXM and Pandora will continue to function without any immediate content or cost changes for the time being as separate services. The satellite radio company assured customers that SiriusXM will remain ad-free, which may “be a key differentiator for SiriusXM” out of Pandora’s ad-supported streaming services.
In response to why SiriusXM made a decision to get Pandora Media, the business offered, “This really is an exciting transaction to our firm. Collectively, SiriusXM and Pandora are uniquely positioned to direct a new era of entertainment by delivering the most compelling material in the car, at home and on the go. ” SiriusXM also included that “The combined company will benefit artists and listeners by growing two vibrant platforms offering artists a much reach, and provides the most compelling content to listeners. ” Special offerings from the merger are in the works and will be coming soon.
Via Variety, Jim Meyer, Chief Executive Officer of SiriusXM, elaborated:
That really is a tremendous outcome for two organizations with huge crowds and distinct platforms, and we could not be more excited to be moving forward as a single business. Together with SiriusXM’s subscription-based nationwide support of curated and exclusive material and programming, and Pandora, the biggest U.S. streaming audio supplier with its exceptionally personalized free ad-supported provider, under a single roof, SiriusXM currently reaches over 100 million individuals across its sound solutions. Significantly, the premier products that SiriusXM and Pandora listeners have enjoyed for many years aren’t currently changing. Having said that, good things come out of being together, and we anticipate producing new unique packages that combine our strengths and give a much wider variety of content to our listeners.
The acquisition comes on the heels of a huge year for SiriusXM, which recently earned record revenue for its fourth quarter and year old 2018, using the firm growing 7% and 6% respectively.
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