Several top Pandora executives, including CEO Roger Lynch, will leave after its acquisition by SiriusXM – TechCrunch

Fundings and Exits


Pandora announced today that shareholders have approved its $3.5 billion acquisition by SiriusXM. After the transaction closes, several key Pandora executives will leave, including CEO Roger Lynch, general counsel Steve Bene, CFO Naveen Chopra and chief human resources officer Kristen Robinson. SiriusXM CEO Jim Meyer will lead the combined company.

Pandora and SiriusXM announced the proposed acquisition last September, with SiriusXM offering to pay $3.5 billion in stock, or $10.14 per share, for Pandora.

Sirius and Pandora services will continue as before the acquisition. The deal is meant to “capitalize on cross-promotion opportunities,” as the companies put it, so this means customers can expect to see new offerings like subscription packages with both SiriusXM radio and Pandora streaming music included or Pandora’s content made available through SiriusXM’s car radio distribution channels.

SiriusXM says it has about 36 million subscribers in North America and 23 million annual trial listeners, while Pandora has 70 million monthly active users — but only 6.8 million of them were subscribers as of Q3 2018, compared to 87 million and 50 million subscribers for Spotify and Apple Music, respectively.



Source link

Products You May Like

Articles You May Like

E-commerce startup Zilingo raises $226M to digitize Asia’s fashion supply chain – TechCrunch
InReach Ventures, the ‘AI-powered’ European VC, closes new €53M fund – TechCrunch
Why your startup may not be as great as everyone says – TechCrunch
Samsung promises a better look at its folding phone next week – TechCrunch
Sub-brands are the new weapon in China’s smartphone war – TechCrunch

Leave a Reply

Your email address will not be published. Required fields are marked *