SiriusXM announced a plan early Monday to buy Pandora Media to create the world's largest audio entertainment company.
According to SiriusXM, it would buy Pandora Media in an all-stock transaction worth $3.5 billion. The company said the services of both companies would continue.
"Pandora's powerful music platform will enable SiriusXM to significantly expand its presence beyond vehicles into the home and other mobile areas," SiriusXM said in a press release.
The company touts a base of more than 36 million subscribers in North America. Pandora Media has 70 million monthly active users.
"The powerful combination of SiriusXM's content, position in the car, and premium subscription products, along with the biggest audio streaming service in the U.S., will create the world's largest audio entertainment company," said Roger Lynch, Chief Executive Officer of Pandora, in a press release.
The deal is expected to close in the first quarter of 2019.
