SiriusXM completes USD480 million strategic investment in Pandora
SiriusXM’s chairman, CEO and CFO join Pandora’s board of directors
SiriusXM has completed a USD480 million investment in Pandora, the company said in a press release. Last week, SiriusXM purchased USD307.5 million of Series A preferred stock in Pandora. In June this year, when the investment agreement was first announced, a subsidiary of Sirius XM purchased USD172.5 million of Series A stocks. Pandora’s Series A preferred stock is convertible into common stock at a purchase price of USD10.50 per share.
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