SiriusXM is buying a big stake in Pandora for $480 million
SiriusXM has agreed to invest $480 million in Pandora, giving it a 19 percent stake in the streaming music company.
The investment ends months-long speculation that SiriusXM would buy Pandora outright. It’s not clear why plans changed, but SiriusXM says the cash injection “will allow Pandora to make targeted investments” — though it doesn’t elaborate on what those might involve.
Pandora CEO Tim Westergren says the influx of money will give his company “the flexibility we need to attack what is becoming a larger and larger opportunity as digital music enters a new golden age.”
Pandora has been around for nearly two decades, but it’s been struggling to compete in recent years with…