SiriusXM CEO Jim Meyer said on Friday, “We have long admired Pandora’s enormous user base and focus on providing listeners with a personalized music experience, as well as its scale and expertise in the ad-supported streaming radio business.”
He also said the deal gives SiriusXM a stake in the music streaming business.
Pandora has over 81 million active users and over 4 million subscribers. It generates about $1.5 billion.
SiriusXM has over 31 million subscribers and generates over $5 billion in revenue each year.