1 year ago
Pandora just got more Sirius. According to Business Insider, the popular streaming music platform announced Friday that it had received a $480 million investment from satellite radio service Sirius XM, after rejecting a takeover bid by the company.
This follows an investment of $150 million in Pandora by private equity firm KKR & Co LP, which gave the streaming service 30 days to seek out an alternate deal.
As Business Insider explains, “any partnership between Sirius XM and Pandora would be a boon to both companies, given that they target a common audience.” The investment comes in a bid to compete with streaming competitors like Spotify and Apple Music.
Pandora also announced it would be selling ticket distribution service TicketFly to Eventbrite for $200 million.