NEW YORK CITY: Sirius XM Holdings Inc said on Monday it will buy music streaming service Pandora Media Inc in an all-stock deal valued at about $3.5 billion.
Pandora shareholders will receive a fixed-exchange ratio of 1.44 newly-issued SiriusXM shares for each share they hold.
SiriusXM currently owns convertible preferred stock in Pandora that represents a stake of about 15% on an as-converted basis, the companies said.