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Broadcasting

SiriusXM to buy Pandora in $3.5 bln deal

Sept 24 (Reuters) - Sirius XM Holdings Inc said on Monday it will buy music streaming service Pandora Media Inc in an all-stock deal valued at about $3.5 billion.

Pandora shareholders will receive a fixed-exchange ratio of 1.44 newly-issued SiriusXM shares for each share they hold.

SiriusXM currently owns convertible preferred stock in Pandora that represents a stake of about 15 percent on an as-converted basis, the companies said. (Reporting by Vibhuti Sharma in Bengaluru; Editing by Sriraj Kalluvila)

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