Sirius XM buys stake in music streaming site Pandora
June 9, 2017
NEW YORK (AP) — Pandora is raising cash to help it take on Spotify and other streaming music services.
The online music service is selling a 19 percent stake in its business to satellite radio company Sirius XM for $480 million. Pandora will pay a $22.5 million breakup fee to private equity firm KKR for breaking up a previously agreed $150 million deal.
Pandora, which is based in Oakland, California, will raise another $200 million selling its Ticketfly ticket service to Eventbrite — a service Pandora bought for $450 million in 2015.
Pandora works as an internet radio, and most users li...