SiriusXM plans to acquire music company Pandora in an all-stock transaction valued at $3.5 billion, according to Fortune.
Pandora has more than 70 million monthly users, who can access the streaming platform either for free or as paid subscribers. SiriusXM hopes the acquisition will offer cross-promotional opportunities and create "the world's largest audio entertainment company."
"We long respected Pandora and their team for their popular consumer offering that has attracted a massive audience, and have been impressed by Pandora's strategic progress and stronger execution," said SiriusXM CEO Jim Meyer. "We believe there are significant opportunities to create value for both companies' stockholders by combining our complementary businesses."